N-Q 1 hft_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549


FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number (811-07168)


Hennessy Funds Trust
(Exact name of registrant as specified in charter)

7250 Redwood Blvd., Suite 200
Novato, CA 94945
 (Address of principal executive offices) (Zip code)


Neil J. Hennessy
Hennessy Advisors, Inc.
7250 Redwood Blvd., Suite 200
Novato, CA 94945
 (Name and address of agent for service)


800-966-4354
Registrant’s telephone number, including area code


Date of fiscal year end: October 31, 2017

Date of reporting period:  January 31, 2017
 
 
Item 1. Schedule of Investments.
 
Hennessy Cornerstone Growth Fund
            
Schedule of Investments
            
January 31, 2017 (Unaudited)
            
             
 
Number of Shares
    
Value
  
% of Net Assets
COMMON STOCKS - 99.96%
            
Consumer Discretionary - 21.83%
            
BJ’s Restaurants, Inc. (a)
87,100
   $
   3,096,405
  
1.43%
Burlington Stores, Inc. (a)
68,500
    
5,733,450
  
2.64%
Dollar General Corp.
51,700
    
3,816,494
  
1.76%
Genesco, Inc. (a)
58,200
    
3,503,640
  
1.61%
Genuine Parts Co.
42,600
    
4,124,106
  
1.90%
Movado Group, Inc.
131,400
    
3,567,510
  
1.64%
Omnicom Group, Inc.
49,300
    
4,222,545
  
1.95%
Potbelly Corp. (a)
305,900
    
3,976,700
  
1.83%
Superior Industries International, Inc.
194,400
    
4,480,920
  
2.07%
Target Corp.
48,900
    
3,153,072
  
1.45%
The Children’s Place, Inc.
56,300
    
5,461,100
  
2.52%
Vista Outdoor, Inc. (a)
77,900
    
2,244,299
  
1.03%
       
47,380,241
  
21.83%
Consumer Staples - 10.39%
            
Amira Nature Foods, Ltd. (a)(b)
301,500
    
1,748,700
  
0.81%
Dean Foods Co.
199,000
    
3,952,140
  
1.82%
Ingredion, Inc.
37,900
    
4,858,401
  
2.24%
John B. Sanfilippo & Son, Inc.
55,200
    
3,631,608
  
1.67%
Post Holdings, Inc. (a)
55,300
    
4,627,504
  
2.13%
Tyson Foods, Inc., Class A
59,300
    
3,723,447
  
1.72%
       
22,541,800
  
10.39%
Financials - 4.15%
            
The Progressive Corp.
120,300
    
4,504,032
  
2.08%
United Fire Group, Inc.
95,200
    
4,493,440
  
2.07%
       
8,997,472
  
4.15%
Health Care - 7.01%
            
Henry Schein, Inc. (a)
23,200
    
3,708,752
  
1.71%
Owens & Minor, Inc.
97,400
    
3,494,712
  
1.61%
Triple-S Management Corp., Class B (a)(b)
146,400
    
2,797,704
  
1.29%
UnitedHealth Group, Inc.
32,200
    
5,219,620
  
2.40%
       
15,220,788
  
7.01%
Industrials - 28.45%
            
Air Transport Services Group, Inc. (a)
332,300
    
5,359,999
  
2.47%
Astec Industries, Inc.
88,400
    
6,186,232
  
2.85%
Brady Corp., Class A
146,900
    
5,339,815
  
2.46%
Briggs & Stratton Corp.
180,500
    
3,909,630
  
1.80%
C.H. Robinson Worldwide, Inc.
55,000
    
4,183,300
  
1.93%
Hawaiian Holdings, Inc. (a)
89,200
    
4,544,740
  
2.09%
Huntington Ingalls Industries, Inc.
29,300
    
5,683,028
  
2.62%
Insperity, Inc.
80,800
    
5,777,200
  
2.66%
Insteel Industries, Inc.
146,600
    
5,430,064
  
2.50%
John Bean Technologies Corp.
73,000
    
6,303,550
  
2.91%
Kaman Corp.
87,400
    
4,416,322
  
2.04%
Watsco, Inc.
30,100
    
4,597,474
  
2.12%
       
61,731,354
  
28.45%
Information Technology - 15.62%
            
Arrow Electronics, Inc. (a)
67,200
    
4,940,544
  
2.28%
Convergys Corp.
148,900
    
3,695,698
  
1.70%
Itron, Inc. (a)
96,300
    
5,941,710
  
2.74%
NeoPhotonics Corp. (a)
350,200
    
3,834,690
  
1.77%
Orbotech, Ltd. (a)(b)
169,500
    
5,913,855
  
2.72%
SYNNEX Corp.
40,800
    
4,903,344
  
2.26%
Tech Data Corp. (a)
54,500
    
4,663,020
  
2.15%
       
33,892,861
  
15.62%
Materials - 8.27%
            
Avery Dennison Corp.
58,900
    
4,300,878
  
1.98%
Bemis Co., Inc.
78,200
    
3,809,904
  
1.76%
Reliance Steel & Aluminum Co.
63,000
    
5,017,950
  
2.31%
Sonoco Products Co.
87,800
    
4,824,610
  
2.22%
       
17,953,342
  
8.27%
 
 
Utilities - 4.24%
            
Exelon Corp.
121,900
    
4,373,772
  
2.02%
UGI Corp.
103,900
    
4,817,843
  
2.22%
       
9,191,615
  
4.24%
Total Common Stocks (Cost $193,074,409)
      
216,909,473
  
99.96%
             
RIGHTS - 0.00%
            
Health Care - 0.00%
            
Forest Laboratories, Inc. (a)(c)
5,500
    
275
  
0.00%
Total Rights (Cost $0)
      
275
  
0.00%
             
SHORT-TERM INVESTMENTS - 0.25%
            
Money Market Funds - 0.25%
            
Fidelity Government Portfolio, Institutional Class, 0.43% (d)
538,070
    
538,070
  
0.25%
Total Short-Term Investments (Cost $538,070)
      
538,070
  
0.25%
             
Total Investments (Cost $193,612,479) - 100.21%
      
217,447,818
  
100.21%
Liabilities in Excess of Other Assets - (0.21)%
      
(454,195)
  
(0.21)%
TOTAL NET ASSETS - 100.00%
     $
 216,993,623
  
100.00%
 
Percentages are stated as a percent of net assets.

(a)
Non-income producing security.
                
(b)
U.S. traded security of a foreign corporation.
                
(c)
Security is fair valued in good faith.
                
(d)
The rate listed is the fund’s 7-day yield as of January 31, 2017.
            
                   
                   
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
                   
The cost basis of investments for federal income tax purposes at January 31, 2017, was as follows*:
        
                   
Cost of investments
 $
193,612,479
            
Gross unrealized appreciation
  
           33,005,183
            
Gross unrealized depreciation
  
           (9,169,844)
            
Net unrealized appreciation
 $
23,835,339
            
                   
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year.
For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.


Summary of Fair Value Exposure at January 31, 2017
            
The Fund follows authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below:
                 
 
Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
                 
 
Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets (such as interest rates, prepayment speeds, credit risk surves, default rates, and similar data)).
                 
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
                 
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.
                 
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will generally be valued at the last sales price as reported by the primary exchange on which the securities are listed.  Securities listed on The NASDAQ Stock Market (“NASDAQ”) will generally be valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported.  Securities traded on a securities exchange for which a last-quoted sales price is not readily available will generally be valued at the mean between the bid and ask prices.  To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy.  Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time.  The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim.  In certain circumstances, it may be determined that a security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., weather related events) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide).
 
 
Registered Investment Companies – Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV provided by the applicable registered investment company’s service agent and will be classified in Level 1 of the fair value hierarchy.
                 
Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
                 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value.  If the original term to maturity of a short-term debt investment exceeded 60 days, then the values as of the 61st day prior to maturity are amortized.  Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined, as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities.
                 
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security.  Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security, such as the trading volume of a security and markets, the value of other like securities, and news events with direct bearing to a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
                 
The fair valuation of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts.  The effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined by  the Board or its designee instead of being determined by the market.  Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign security’s most recent closing price and from the prices used by other investment companies to calculate their NAVs and are generally considered Level 2 prices in the fair valuation hierarchy.  Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you will not be able to purchase or redeem your shares.
                 
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s investment advisor.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available.  All actions taken by the Valuation Committee are reviewed by the Board.
                 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination.  Various inputs are used in determining the value of the Fund’s investments.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  Details related to the fair valuation hierarchy of the Fund’s securities as of January 31, 2017, are as follows:
 
    
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Consumer Discretionary
  
$
47,380,241
    
$
–
    
$
–
    
$
47,380,241
  
Consumer Staples
    
22,541,800
      
–
      
–
      
22,541,800
  
Financials
    
8,997,472
      
–
      
–
      
8,997,472
  
Health Care
    
15,220,788
      
–
      
–
      
15,220,788
  
Industrials
    
61,731,354
      
–
      
–
      
61,731,354
  
Information Technology
    
33,892,861
      
–
      
–
      
33,892,861
  
Materials
    
17,953,342
      
–
      
–
      
17,953,342
  
Utilities
    
9,191,615
      
–
      
–
      
9,191,615
  
Total Common Stocks
  
$
216,909,473
    
$
–
    
$
–
    
$
216,909,473
  
                                 
Rights
                                
Health Care
  
$
–
    
$
–
    
$
275
    
$
275
  
Total Rights
  
$
–
    
$
–
    
$
275
*
  
$
275
  
                                 
Short-Term Investments
                                
Money Market Funds
  
$
538,070
    
$
–
    
$
–
    
$
538,070
  
Total Short-Term Investments
  
$
538,070
    
$
–
    
$
–
    
$
538,070
  
                                 
Total Investments
  
$
217,447,543
    
$
–
    
$
275
    
$
217,447,818
  
                                 
* Acquired in merger.
                                
                                 
Transfers between levels are recognized at the end of the reporting period. During the three-month period ended January 31, 2017, the Fund recognized no transfers between levels.
  
                                 
 
Level 3 Reconciliation Disclosure
                                
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.
          
                                 
    
Rights
                          
Balance as of October 31, 2016
  
$
275
                          
Accrued discounts/premiums
    
-
                          
Realized gain (loss)
    
-
                          
Change in unrealized appreciation (depreciation)
    
-
                          
Purchases
    
-
                          
(Sales)
    
-
                          
Transfer in and/or out of Level 3
    
-
                          
Balance as of January 31, 2017
  
$
275
                          
                                 
Change in unrealized appreciation/depreciation during the period for
                         
Level 3 investments held at January 31, 2017
  
$
-
                          
                                 
The Level 3 investments as of January 31, 2017 represented 0.00% of net assets and did not warrant a disclosure of significant unobservable valuation inputs.
  



Hennessy Focus Fund
            
Schedule of Investments
            
January 31, 2017 (Unaudited)
            
 
Number of
        
% of
 
Shares
    
Value
  
Net Assets
COMMON STOCKS - 67.39%
            
Consumer Discretionary - 22.10%
            
CarMax, Inc. (a)
2,962,712
   $
  197,642,518
  
7.86%
O’Reilly Automotive, Inc. (a)
842,815
    
221,045,090
  
8.79%
Penn National Gaming, Inc. (a)
1,197,772
    
16,505,298
  
0.66%
Twenty First Century Fox, Inc.
3,837,592
    
120,423,637
  
4.79%
       
555,616,543
  
22.10%
Energy - 2.74%
            
World Fuel Services Corp.
1,547,585
    
68,836,581
  
2.74%
             
Financials - 24.38%
            
Aon PLC (b)
1,179,036
    
132,877,357
  
5.29%
Diamond Hill Investment Group, Inc.
105,415
    
21,314,913
  
0.85%
Encore Capital Group, Inc. (a) (d)
2,258,784
    
69,909,365
  
2.78%
Markel Corp. (a)
215,672
    
199,496,600
  
7.93%
Marlin Business Services Corp. (d)
1,010,273
    
23,185,765
  
0.92%
The Charles Schwab Corp.
4,029,065
    
166,158,641
  
6.61%
       
612,942,641
  
24.38%
Health Care - 1.77%
            
Henry Schein, Inc. (a)
279,398
    
44,664,564
  
1.77%
             
Industrials - 10.73%
            
American Woodmark Corp. (a) (d)
1,209,780
    
86,136,336
  
3.43%
Ametek, Inc.
459,822
    
23,496,904
  
0.93%
Hexcel Corp.
2,592,037
    
133,101,100
  
5.29%
Mistras Group, Inc. (a)
1,171,870
    
27,046,760
  
1.08%
       
269,781,100
  
10.73%
Information Technology - 5.67%
            
Alphabet, Inc., Class A (a)
68,984
    
56,579,987
  
2.25%
Alphabet, Inc., Class C (a)
108,017
    
86,066,865
  
3.42%
       
142,646,852
  
5.67%
Total Common Stocks (Cost $901,880,285)
      
1,694,488,281
  
67.39%
               
REITS - 19.01%
            
Financials - 19.01%
            
American Tower Corp., Class A
2,145,080
    
222,015,780
  
8.83%
Brookfield Asset Management, Inc. (b)
4,543,328
    
157,108,282
  
6.25%
Gaming and Leisure Properties, Inc.
3,122,341
    
98,759,646
  
3.93%
         
477,883,708
  
19.01%
Total REITS (Cost $325,202,131)
      
477,883,708
  
19.01%
               
SHORT-TERM INVESTMENTS - 13.55%
            
Money Market Funds - 13.55%
            
Fidelity Government Portfolio, Institutional Class, 0.43% (c)
125,307,000
    
125,307,000
  
4.98%
The Government & Agency Portfolio, 0.47% (c)
125,307,000
    
125,307,000
  
4.98%
Morgan Stanley Institutional Liquidity Fund, Government Portfolio, 0.47% (c)
90,231,275
    
90,231,275
  
3.59%
       
340,845,275
  
13.55%
Total Short-Term Investments (Cost $340,845,275)
      
340,845,275
  
13.55%
               
Total Investments (Cost $1,567,927,691) - 99.95%
      
2,513,217,264
  
99.95%
Other Assets in Excess of Liabilities - 0.05%
      
1,237,745
  
0.05%
TOTAL NET ASSETS - 100.00%
     $
2,514,455,009
  
100.00%
 

Percentages are stated as a percent of net assets.

REIT
Real Estate Investment Trust
(a)
Non-income producing security.
(b)
U.S. traded security of a foreign corporation.
(c)
The rate listed is the fund’s 7-day yield as of January 31, 2017.
(d)
Investment represents five percent or more of the outstanding voting securities of the issuer, and is or was an affiliate of the Hennessy Focus Fund, as defined in the Investment
 
Company Act of 1940, as amended, at or during the three-month period ended January 31, 2017. Details of transactions with these affiliated companies for the three-month period ended January 31, 2017, are as follows:
 
Issuer
  
American Woodmark Corp.
    
Encore Capital Group, Inc.
    
Marlin Business Services Corp.
  
 
Beginning Cost
  
$
51,892,778
    
$
73,525,403
    
$
15,865,289
  
 
Purchase Cost
  
$
-
    
$
-
    
$
-
  
 
Sales Cost
  
$
-
    
$
-
    
$
-
  
 
Ending Cost
  
$
51,892,778
    
$
73,525,403
    
$
15,865,289
  
 
Dividend Income
  
$
-
    
$
-
    
$
141,438
  
 
Shares
    
1,209,780
      
2,258,784
      
1,010,273
  
 
Market Value
  
$
86,136,336
    
$
69,909,365
    
$
23,185,765
  
                           
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.  
  
                 
                           
The cost basis of investments for federal income tax purposes at January 31, 2017, was as follows*:
                  
                           
Cost of investments
  
$
1,567,927,691
                  
Gross unrealized appreciation
    
972,501,946
                  
Gross unrealized depreciation
    
(27,212,373
)
                
Net unrealized appreciation
  
$
945,289,573
                  
 
 
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.
 
Summary of Fair Value Exposure at January 31, 2017
            
The Fund follows authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below:
                 
 
Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
                 
 
Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets (such as interest rates, prepayment speeds, credit risk surves, default rates, and similar data)).
                 
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
                 
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.
                 
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will generally be valued at the last sales price as reported by the primary exchange on which the securities are listed.  Securities listed on The NASDAQ Stock Market (“NASDAQ”) will generally be valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported.  Securities traded on a securities exchange for which a last-quoted sales price is not readily available will generally be valued at the mean between the bid and ask prices.  To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy.  Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time.  The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim.  In certain circumstances, it may be determined that a security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., weather related events) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide).
 
 
Registered Investment Companies – Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV provided by the applicable registered investment company’s service agent and will be classified in Level 1 of the fair value hierarchy.
                 
Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
                 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value.  If the original term to maturity of a short-term debt investment exceeded 60 days, then the values as of the 61st day prior to maturity are amortized.  Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined, as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities.
                 
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security.  Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security, such as the trading volume of a security and markets, the value of other like securities, and news events with direct bearing to a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
                 
The fair valuation of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts.  The effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined by  the Board or its designee instead of being determined by the market.  Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign security’s most recent closing price and from the prices used by other investment companies to calculate their NAVs and are generally considered Level 2 prices in the fair valuation hierarchy.  Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you will not be able to purchase or redeem your shares.
                 
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s investment advisor.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available.  All actions taken by the Valuation Committee are reviewed by the Board.
                 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination.  Various inputs are used in determining the value of the Fund’s investments.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  Details related to the fair valuation hierarchy of the Fund’s securities as of January 31, 2017, are as follows:
 
        
Level 1
    
Level 2
    
Level 3
    
Total
  
   
Common Stocks
                        
   
Consumer Discretionary
  
$
555,616,543
    
$
–
    
$
–
    
$
555,616,543
  
   
Energy
    
68,836,581
      
–
      
–
      
68,836,581
  
   
Financials
    
612,942,641
      
–
      
–
      
612,942,641
  
   
Health Care
    
44,664,564
      
–
      
–
      
44,664,564
  
   
Industrials
    
269,781,100
      
–
      
–
      
269,781,100
  
   
Information Technology
    
142,646,852
      
–
      
–
      
142,646,852
  
   
Total Common Stocks
  
$
1,694,488,281
    
$
–
    
$
–
    
$
1,694,488,281
  
                                     
   
REITS
                                
   
Financials
  
$
477,883,708
    
$
–
    
$
–
    
$
477,883,708
  
   
Total REITS
  
$
477,883,708
    
$
–
    
$
–
    
$
477,883,708
  
                                     
 
 
   
Short-Term Investments
                                
   
Money Market Funds
  
$
340,845,275
    
$
–
    
$
–
    
$
340,845,275
  
   
Total Short-Term Investments
  
$
340,845,275
    
$
–
    
$
–
    
$
340,845,275
  
                                     
   
Total Investments
  
$
2,513,217,264
    
$
–
    
$
–
    
$
2,513,217,264
  
                                     
Transfers between levels are recognized at the end of the reporting period. During the three-month period ended January 31, 2017, the Fund recognized no transfers between levels.
  



Hennessy Cornerstone Mid Cap 30  Fund
            
Schedule of Investments
            
January 31, 2017 (Unaudited)
            
 
Number of
        
% of
 
Shares
    
Value
  
Net Assets
COMMON STOCKS - 99.47%
            
Consumer Discretionary - 20.40%
            
Aramark
889,500
   $
   30,100,680
  
2.67%
Brinker International, Inc.
672,500
    
29,926,250
  
2.65%
Foot Locker, Inc.
496,000
    
33,995,840
  
3.02%
PVH Corp.
309,500
    
29,034,195
  
2.57%
The Cheesecake Factory, Inc.
622,600
    
37,517,876
  
3.33%
Thor Industries, Inc.
417,500
    
43,211,250
  
3.83%
Urban Outfitters, Inc. (a)
990,000
    
26,274,600
  
2.33%
       
230,060,691
  
20.40%
Financials - 3.77%
            
Unum Group
935,400
    
42,495,222
  
3.77%
             
Health Care - 3.76%
            
WellCare Health Plans, Inc. (a)
291,700
    
42,454,018
  
3.76%
             
Industrials - 20.17%
            
Crane Co.
486,900
    
35,076,276
  
3.11%
EMCOR Group, Inc.
547,700
    
38,169,213
  
3.39%
Kennametal, Inc.
1,169,700
    
41,805,078
  
3.71%
Navistar International Corp. (a)
1,484,968
    
40,495,077
  
3.59%
The Brink’s Co.
837,265
    
37,258,292
  
3.30%
UniFirst Corp.
270,331
    
34,575,335
  
3.07%
       
227,379,271
  
20.17%
Information Technology - 31.73%
            
CACI International, Inc., Class A (a)
338,469
    
41,563,993
  
3.69%
CDW Corp.
737,400
    
37,983,474
  
3.37%
Computer Sciences Corp.
608,200
    
37,830,040
  
3.36%
NCR Corp. (a)
944,800
    
40,645,296
  
3.60%
ON Semiconductor Corp. (a)
2,837,600
    
37,796,832
  
3.35%
Sanmina Corp. (a)
1,197,663
    
46,648,974
  
4.14%
Science Applications International Corp.
480,600
    
39,130,452
  
3.47%
SYNNEX Corp.
322,900
    
38,806,122
  
3.44%
TTM Technologies , Inc. (a)
2,518,200
    
37,344,906
  
3.31%
       
357,750,089
  
31.73%
Materials - 16.35%
            
Berry Plastics Group, Inc. (a)
756,900
    
38,624,607
  
3.43%
Cabot Corp.
635,089
    
35,164,878
  
3.12%
Huntsman Corp.
1,953,700
    
39,835,943
  
3.53%
Packaging Corporation of America
401,400
    
37,001,052
  
3.28%
Worthington Industries, Inc.
704,600
    
33,672,834
  
2.99%
       
184,299,314
  
16.35%
Utilities - 3.29%
            
MDU Resources Group, Inc.
1,263,400
    
37,080,790
  
3.29%
Total Common Stocks (Cost $1,046,402,657)
      
1,121,519,395
  
99.47%
               
SHORT-TERM INVESTMENTS - 0.72%
            
Money Market Funds - 0.72%
            
Fidelity Government Portfolio, Institutional Class, 0.43% (b)
8,097,594
    
8,097,594
  
0.72%
Total Short-Term Investments (Cost $8,097,594)
      
8,097,594
  
0.72%
               
Total Investments (Cost $1,054,500,251) - 100.19%
      
1,129,616,989
  
100.19%
Liabilities in Excess of Other Assets - (0.19)%
      
(2,107,977)
  
(0.19)%
TOTAL NET ASSETS - 100.00%
     $
  1,127,509,012
  
100.00%
 
 
Percentages are stated as a percent of net assets.

(a)
Non-income producing security.
                
(b)
The rate listed is the fund’s 7-day yield as of January 31, 2017.
            
                   
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
                   
The cost basis of investments for federal income tax purposes at January 31, 2017, was as follows*:
        
                   
Cost of investments
 $
1,054,500,251
            
Gross unrealized appreciation
  
         103,270,239
            
Gross unrealized depreciation
  
         (28,153,501)
            
Net unrealized appreciation
 $
 75,116,738
            
                   
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year.
For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.
 
 
Summary of Fair Value Exposure at January 31, 2017
          
The Fund follows authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below:
                 
 
Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
                 
 
Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets (such as interest rates, prepayment speeds, credit risk surves, default rates, and similar data)).
                 
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
                 
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.
                 
Equity Securities – Equity securities, including common stocks, preferred stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will generally be valued at the last sales price as reported by the primary exchange on which the securities are listed.  Securities listed on The NASDAQ Stock Market (“NASDAQ”) will generally be valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported.  Securities traded on a securities exchange for which a last-quoted sales price is not readily available will generally be valued at the mean between the bid and ask prices.  To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy.
                 
Registered Investment Companies – Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV provided by the applicable registered investment company’s service agent and will be classified in Level 1 of the fair value hierarchy.
                 
Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
                 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value.  If the original term to maturity of a short-term debt investment exceeded 60 days, then the values as of the 61st day prior to maturity are amortized.  Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined, as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities.
 
 
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security.  Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security, such as the trading volume of a security and markets, the value of other like securities, and news events with direct bearing to a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
                 
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s investment advisor.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available.  All actions taken by the Valuation Committee are reviewed by the Board.
                 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination.  Various inputs are used in determining the value of the Fund’s investments.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  Details related to the fair valuation hierarchy of the Fund’s securities as of January 31, 2017, are as follows:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Consumer Discretionary
  
$
230,060,691
    
$
–
    
$
–
    
$
230,060,691
  
Financials
    
42,495,222
      
–
      
–
      
42,495,222
  
Health Care
    
42,454,018
      
–
      
–
      
42,454,018
  
Industrials
    
227,379,271
      
–
      
–
      
227,379,271
  
Information Technology
    
357,750,089
      
–
      
–
      
357,750,089
  
Materials
    
184,299,314
      
–
      
–
      
184,299,314
  
Utilities
    
37,080,790
      
–
      
–
      
37,080,790
  
Total Common Stocks
  
$
1,121,519,395
    
$
–
    
$
–
    
$
1,121,519,395
  
                                 
Short-Term Investments
                                
Money Market Funds
  
$
8,097,594
    
$
–
    
$
–
    
$
8,097,594
  
Total Short-Term Investments
  
$
8,097,594
    
$
–
    
$
–
    
$
8,097,594
  
                                 
Total Investments
  
$
1,129,616,989
    
$
–
    
$
–
    
$
1,129,616,989
  
                                 
Transfers between levels are recognized at the end of the reporting period. During the three-month period ended January 31, 2017, the Fund recognized no transfers between levels.
  


 
Hennessy Cornerstone Large Growth Fund
              
Schedule of Investments
              
January 31, 2017 (Unaudited)
              
   
Number of
          
% of
   
Shares
    
Value
    
Net Assets
COMMON STOCKS - 97.60%
              
Consumer Discretionary - 22.20%
              
Bed Bath & Beyond, Inc.
41,800
   $
   1,686,630
    
1.54%
Best Buy Co., Inc.
65,000
    
2,893,800
    
2.64%
Darden Restaurants, Inc.
27,700
    
2,029,856
    
1.85%
Harley-Davidson, Inc.
45,000
    
2,566,800
    
2.35%
Kohl’s Corp.
36,500
    
1,453,795
    
1.33%
Las Vegas Sands Corp.
40,900
    
2,150,522
    
1.97%
Macy’s, Inc.
44,300
    
1,308,622
    
1.20%
Nordstrom, Inc.
36,500
    
1,614,030
    
1.47%
Ralph Lauren Corp.
16,000
    
1,414,880
    
1.29%
Target Corp.
24,700
    
1,592,656
    
1.46%
The Gap, Inc.
73,000
    
1,681,190
    
1.54%
Tiffany & Co.
28,500
    
2,243,520
    
2.05%
Viacom, Inc.
39,300
    
1,656,102
    
1.51%
         
24,292,403
    
22.20%
Consumer Staples - 4.78%
              
The Kroger Co.
46,300
    
1,572,348
    
1.44%
Wal-Mart Stores, Inc.
27,300
    
1,822,002
    
1.66%
Whole Foods Market, Inc.
60,700
    
1,834,354
    
1.68%
         
5,228,704
    
4.78%
Energy - 5.09%
              
Marathon Petroleum Corp.
43,600
    
2,094,980
    
1.92%
Tesoro Corp.
20,900
    
1,689,765
    
1.54%
Valero Energy Corp.
27,100
    
1,782,096
    
1.63%
         
5,566,841
    
5.09%
Financials - 3.86%
              
Franklin Resources, Inc.
52,600
    
2,090,324
    
1.91%
The Progressive Corp.
57,000
    
2,134,080
    
1.95%
         
4,224,404
    
3.86%
Health Care - 5.37%
              
Baxter International, Inc.
49,100
    
2,352,381
    
2.15%
Gilead Sciences, Inc.
20,000
    
1,449,000
    
1.32%
HCA Holdings, Inc. (a)
25,900
    
2,079,252
    
1.90%
         
5,880,633
    
5.37%
Industrials - 40.02%
              
Alaska Air Group, Inc.
25,500
    
2,392,410
    
2.19%
American Airlines Group, Inc.
45,900
    
2,031,075
    
1.86%
Caterpillar, Inc.
28,700
    
2,745,442
    
2.51%
Cummins, Inc.
20,100
    
2,954,901
    
2.70%
Deere & Co.
23,400
    
2,504,970
    
2.29%
Delta Air Lines, Inc.
40,600
    
1,917,944
    
1.75%
Dover Corp.
30,900
    
2,402,475
    
2.20%
Emerson Electric Co.
39,300
    
2,305,338
    
2.11%
FedEx Corp.
13,700
    
2,590,807
    
2.37%
General Dynamics Corp.
13,600
    
2,462,688
    
2.25%
JetBlue Airways Corp. (a)
87,900
    
1,723,719
    
1.58%
PACCAR, Inc.
37,000
    
2,490,470
    
2.28%
Parker-Hannifin Corp.
18,600
    
2,736,618
    
2.50%
Southwest Airlines Co.
48,400
    
2,531,804
    
2.31%
The Boeing Co.
14,800
    
2,418,616
    
2.21%
Union Pacific Corp.
25,000
    
2,664,500
    
2.43%
United Continental Holdings, Inc. (a)
38,000
    
2,677,860
    
2.45%
United Technologies Corp.
20,300
    
2,226,301
    
2.03%
         
43,777,938
    
40.02%
Information Technology - 12.75%
              
Apple, Inc.
18,650
    
2,263,177
    
2.07%
eBay, Inc. (a)
75,700
    
2,409,531
    
2.20%
Intel Corp.
58,500
    
2,153,970
    
1.97%
International Business Machines Corp.
14,300
    
2,495,636
    
2.28%
 
 
QUALCOMM, Inc.
40,200
    
2,147,886
  
1.96%
Skyworks Solutions, Inc.
27,000
    
2,476,980
  
2.27%
       
13,947,180
  
12.75%
Materials - 1.93%
            
Praxair, Inc.
17,800
    
2,108,232
  
1.93%
             
Telecommunication Services - 1.60%
            
Verizon Communications, Inc.
35,700
    
1,749,657
  
1.60%
Total Common Stocks (Cost $91,866,661)
      
106,775,992
  
97.60%
             
SHORT-TERM INVESTMENTS - 2.52%
            
Money Market Funds - 2.52%
            
Fidelity Government Portfolio, Institutional Class, 0.43% (b)
2,757,357
    
2,757,357
  
2.52%
Total Short-Term Investments (Cost $2,757,357)
      
2,757,357
  
2.52%
             
Total Investments (Cost $94,624,018) - 100.12%
      
109,533,349
  
100.12%
Liabilities in Excess of Other Assets - (0.12)%
      
(134,034)
  
(0.12)%
TOTAL NET ASSETS - 100.00%
     $
    109,399,315
  
100.00%

 
Percentages are stated as a percent of net assets.

(a)
Non-income producing security.
                
(b)
The rate listed is the fund’s 7-day yield as of January 31, 2017.
            
                   
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
                   
The cost basis of investments for federal income tax purposes at January 31, 2017, was as follows*:
        
                   
Cost of investments
 $
   94,624,018
            
Gross unrealized appreciation
  
           20,547,317
            
Gross unrealized depreciation
  
           (5,637,986)
            
Net unrealized appreciation
 $
  14,909,331
            
                   
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year.
For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.
                   
Summary of Fair Value Exposure at January 31, 2017
                
The Fund follows authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below:
                   
 
Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
                   
 
Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets (such as interest rates, prepayment speeds, credit risk surves, default rates, and similar data)).
                   
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
                   
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.
                   
Equity Securities – Equity securities, including common stocks, preferred stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will generally be valued at the last sales price as reported by the primary exchange on which the securities are listed.  Securities listed on The NASDAQ Stock Market (“NASDAQ”) will generally be valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported.  Securities traded on a securities exchange for which a last-quoted sales price is not readily available will generally be valued at the mean between the bid and ask prices.  To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy.
                   
Registered Investment Companies – Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV provided by the applicable registered investment company’s service agent and will be classified in Level 1 of the fair value hierarchy.
                   
Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
 
 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value.  If the original term to maturity of a short-term debt investment exceeded 60 days, then the values as of the 61st day prior to maturity are amortized.  Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined, as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities.
                 
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security.  Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security, such as the trading volume of a security and markets, the value of other like securities, and news events with direct bearing to a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
                 
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s investment advisor.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available.  All actions taken by the Valuation Committee are reviewed by the Board.
                 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination.  Various inputs are used in determining the value of the Fund’s investments.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  Details related to the fair valuation hierarchy of the Fund’s securities as of January 31, 2017, are as follows:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Consumer Discretionary
  
$
24,292,403
    
$
–
    
$
–
    
$
24,292,403
  
Consumer Staples
    
5,228,704
      
–
      
–
      
5,228,704
  
Energy
    
5,566,841
      
–
      
–
      
5,566,841
  
Financials
    
4,224,404
      
–
      
–
      
4,224,404
  
Health Care
    
5,880,633
      
–
      
–
      
5,880,633
  
Industrials
    
43,777,938
      
–
      
–
      
43,777,938
  
Information Technology
    
13,947,180
      
–
      
–
      
13,947,180
  
Materials
    
2,108,232
      
–
      
–
      
2,108,232
  
Telecommunication Services
    
1,749,657
      
–
      
–
      
1,749,657
  
Total Common Stocks
  
$
106,775,992
    
$
–
    
$
–
    
$
106,775,992
  
                                 
Short-Term Investments
                                
Money Market Funds
  
$
2,757,357
    
$
–
    
$
–
    
$
2,757,357
  
Total Short-Term Investments
  
$
2,757,357
    
$
–
    
$
–
    
$
2,757,357
  
                                 
Total Investments
  
$
109,533,349
    
$
–
    
$
–
    
$
109,533,349
  
                                 
Transfers between levels are recognized at the end of the reporting period. During the three-month period ended January 31, 2017, the Fund recognized no transfers between levels.
  
 

Hennessy Cornerstone Value Fund
            
Schedule of Investments
            
January 31, 2017 (Unaudited)
            
 
Number of
        
% of
 
Shares
    
Value
  
Net Assets
COMMON STOCKS - 96.62%
            
Consumer Discretionary - 11.04%
            
Ford Motor Co.
181,600
   $
 2,244,576
  
1.66%
General Motors Co.
76,100
    
2,786,021
  
2.06%
Las Vegas Sands Corp.
48,100
    
2,529,098
  
1.87%
The Gap, Inc.
87,500
    
2,015,125
  
1.49%
Thomson Reuters Corp. (b)
60,900
    
2,730,756
  
2.02%
Viacom, Inc.
62,100
    
2,616,894
  
1.94%
       
14,922,470
  
11.04%
Consumer Staples - 7.61%
            
Altria Group, Inc.
36,900
    
2,626,542
  
1.94%
Archer Daniels Midland Co.
66,700
    
2,952,142
  
2.18%
Philip Morris International, Inc.
24,400
    
2,345,572
  
1.74%
Procter & Gamble Co.
27,000
    
2,365,200
  
1.75%
       
10,289,456
  
7.61%
Energy - 13.90%
            
California Resources Corp. (a)
4
    
86
  
0.00%
Chevron Corp.
25,200
    
2,806,020
  
2.08%
Exxon Mobil Corp.
27,200
    
2,281,808
  
1.69%
Marathon Petroleum Corp.
67,600
    
3,248,180
  
2.40%
National Oilwell Varco, Inc.
76,500
    
2,892,465
  
2.14%
Occidental Petroleum Corp.
31,500
    
2,134,755
  
1.58%
Suncor Energy, Inc. (b)
92,900
    
2,883,616
  
2.13%
Valero Energy Corp.
38,600
    
2,538,336
  
1.88%
       
18,785,266
  
13.90%
Financials - 16.51%
            
Bank of Montreal (b)
40,900
    
3,093,267
  
2.29%
Bank of Nova Scotia (b)
54,300
    
3,246,054
  
2.40%
Manulife Financial Corp. (b)
170,700
    
3,270,612
  
2.42%
MetLife, Inc.
56,700
    
3,085,047
  
2.28%
Prudential Financial, Inc.
33,400
    
3,510,674
  
2.60%
Royal Bank of Canada (b)
43,100
    
3,097,597
  
2.29%
Toronto-Dominion Bank (b)
58,100
    
3,007,837
  
2.23%
       
22,311,088
  
16.51%
Health Care - 5.61%
            
AbbVie, Inc.
40,500
    
2,474,955
  
1.83%
Merck & Co., Inc.
44,000
    
2,727,560
  
2.02%
Pfizer, Inc.
75,200
    
2,386,096
  
1.76%
       
7,588,611
  
5.61%
Industrials - 12.26%
            
Caterpillar, Inc.
33,100
    
3,166,346
  
2.34%
Eaton Corp. PLC (b)
39,800
    
2,817,044
  
2.09%
Emerson Electric Co.
46,600
    
2,733,556
  
2.02%
General Electric Co.
75,900
    
2,254,230
  
1.67%
The Boeing Co.
19,100
    
3,121,322
  
2.31%
United Parcel Service, Inc.
22,700
    
2,477,251
  
1.83%
       
16,569,749
  
12.26%
Information Technology - 12.32%
            
Cisco Systems, Inc.
84,200
    
2,586,624
  
1.91%
Conduent, Inc. (a)
48,480
    
725,261
  
0.54%
HP, Inc.
221,000
    
3,326,050
  
2.46%
Intel Corp.
75,600
    
2,783,592
  
2.06%
International Business Machines Corp.
17,700
    
3,089,004
  
2.29%
QUALCOMM, Inc.
46,000
    
2,457,780
  
1.82%
Xerox Corp.
242,400
    
1,679,832
  
1.24%
       
16,648,143
  
12.32%
 
 
 
Materials - 8.66%
            
International Paper Co.
62,600
    
3,543,160
  
2.62%
LyondellBasell Industries NV (b)
28,200
    
2,630,214
  
1.95%
The Dow Chemical Co.
46,400
    
2,766,832
  
2.05%
The Mosaic Co.
88,000
    
2,760,560
  
2.04%
       
11,700,766
  
8.66%
Telecommunication Services - 8.71%
            
AT&T, Inc.
60,800
    
2,563,328
  
1.90%
BCE, Inc. (b)
52,600
    
2,373,312
  
1.76%
CenturyLink, Inc.
74,900
    
1,936,914
  
1.43%
Rogers Communications, Inc. (b)
62,700
    
2,721,180
  
2.01%
Verizon Communications, Inc.
44,300
    
2,171,143
  
1.61%
       
11,765,877
  
8.71%
Total Common Stocks (Cost $105,677,069)
      
130,581,426
  
96.62%
               
SHORT-TERM INVESTMENTS - 3.40%
            
Money Market Funds - 3.40%
            
Fidelity Government Portfolio, Institutional Class, 0.43% (c)
4,599,571
    
4,599,571
  
3.40%
Total Short-Term Investments (Cost $4,599,571)
      
4,599,571
  
3.40%
               
Total Investments (Cost $110,276,640) - 100.02%
      
135,180,997
  
100.02%
Liabilities in Excess of Other Assets - (0.02)%
      
(33,667)
  
(0.02)%
TOTAL NET ASSETS - 100.00%
     $
    135,147,330
  
100.00%


Percentages are stated as a percent of net assets.

(a)
Non-income producing security.
                
(b)
U.S. traded security of a foreign corporation.
                
(c)
The rate listed is the fund’s 7-day yield as of January 31, 2017.
                
                   
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
                   
The cost basis of investments for federal income tax purposes at January 31, 2017, was as follows*:
        
                   
Cost of investments
 $
 110,276,640
            
Gross unrealized appreciation
  
           27,370,352
            
Gross unrealized depreciation
  
           (2,465,995)
            
Net unrealized appreciation
 $
  24,904,357
            
                   
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year.
For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.
                   
Summary of Fair Value Exposure at January 31, 2017
                
The Fund follows authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below:
                   
 
Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
                   
 
Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets (such as interest rates, prepayment speeds, credit risk surves, default rates, and similar data)).
                   
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
                   
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.
                   
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will generally be valued at the last sales price as reported by the primary exchange on which the securities are listed.  Securities listed on The NASDAQ Stock Market (“NASDAQ”) will generally be valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported.  Securities traded on a securities exchange for which a last-quoted sales price is not readily available will generally be valued at the mean between the bid and ask prices.  To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy.  Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time.  The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim.  In certain circumstances, it may be determined that a security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., weather related events) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide).
 
 
Registered Investment Companies – Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV provided by the applicable registered investment company’s service agent and will be classified in Level 1 of the fair value hierarchy.
                 
Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value.  If the original term to maturity of a short-term debt investment exceeded 60 days, then the values as of the 61st day prior to maturity are amortized.  Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined, as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities.
                 
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security.  Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security, such as the trading volume of a security and markets, the value of other like securities, and news events with direct bearing to a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
                 
The fair valuation of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts.  The effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined by  the Board or its designee instead of being determined by the market.  Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign security’s most recent closing price and from the prices used by other investment companies to calculate their NAVs and are generally considered Level 2 prices in the fair valuation hierarchy.  Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you will not be able to purchase or redeem your shares.
                 
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s investment advisor.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available.  All actions taken by the Valuation Committee are reviewed by the Board.
                 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination.  Various inputs are used in determining the value of the Fund’s investments.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  Details related to the fair valuation hierarchy of the Fund’s securities as of January 31, 2017, are as follows:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Consumer Discretionary
  
$
14,922,470
    
$
–
    
$
–
    
$
14,922,470
  
Consumer Staples
    
10,289,456
      
–
      
–
      
10,289,456
  
Energy
    
18,785,266
      
–
      
–
      
18,785,266
  
Financials
    
22,311,088
      
–
      
–
      
22,311,088
  
Health Care
    
7,588,611
      
–
      
–
      
7,588,611
  
Industrials
    
16,569,749
      
–
      
–
      
16,569,749
  
Information Technology
    
16,648,143
      
–
      
–
      
16,648,143
  
Materials
    
11,700,766
      
–
      
–
      
11,700,766
  
Telecommunication Services
    
11,765,877
      
–
      
–
      
11,765,877
  
Total Common Stocks
  
$
130,581,426
    
$
–
    
$
–
    
$
130,581,426
  
                                 
Short-Term Investments
                                
Money Market Funds
  
$
4,599,571
    
$
–
    
$
–
    
$
4,599,571
  
Total Short-Term Investments
  
$
4,599,571
    
$
–
    
$
–
    
$
4,599,571
  
                                 
Total Investments
  
$
135,180,997
    
$
–
    
$
–
    
$
135,180,997
  
                                 
Transfers between levels are recognized at the end of the reporting period. During the three-month period ended January 31, 2017, the Fund recognized no transfers between levels.
  
 

Hennessy Total Return Fund
              
Schedule of Investments
              
January 31, 2017 (Unaudited)
              
   
Number of Shares/
        
% of
   
Par Amount
    
Value
  
Net Assets
COMMON STOCKS - 70.19%
              
Consumer Discretionary - 3.80%
              
McDonald’s Corp.
  
29,600
   $
 3,628,072
  
3.80%
               
Consumer Staples - 7.60%
              
Procter & Gamble Co.
  
32,300
    
2,829,480
  
2.97%
The Coca-Cola Co.
  
106,200
    
4,414,734
  
4.63%
         
7,244,214
  
7.60%
Energy - 13.62%
              
Chevron Corp.
  
60,900
    
6,781,215
  
7.11%
Exxon Mobil Corp.
  
74,000
    
6,207,860
  
6.51%
         
12,989,075
  
13.62%
Health Care - 8.44%
              
Merck & Co., Inc.
  
30,600
    
1,896,894
  
1.99%
Pfizer, Inc.
  
193,800
    
6,149,274
  
6.45%
         
8,046,168
  
8.44%
Industrials - 14.74%
              
Caterpillar, Inc.
  
74,400
    
7,117,104
  
7.46%
General Electric Co.
  
57,800
    
1,716,660
  
1.80%
The Boeing Co.
  
32,000
    
5,229,440
  
5.48%
         
14,063,204
  
14.74%
Information Technology - 15.63%
              
Cisco Systems, Inc.
  
217,300
    
6,675,456
  
7.00%
Intel Corp.
  
33,600
    
1,237,152
  
1.29%
International Business Machines Corp.
  
40,100
    
6,998,252
  
7.34%
         
14,910,860
  
15.63%
Telecommunication Services - 6.36%
              
Verizon Communications, Inc.
  
123,800
    
6,067,438
  
6.36%
Total Common Stocks (Cost $59,464,537)
        
66,949,031
  
70.19%
               
SHORT-TERM INVESTMENTS - 71.52%
              
Money Market Funds - 2.36%
              
Fidelity Government Portfolio, Institutional Class, 0.43% (a)
  
2,249,861
    
2,249,861
  
2.36%
               
U.S. Treasury Bills (c) - 69.16%
              
0.480%, 02/23/2017 (b)
  
27,000,000
    
26,992,163
  
28.30%
0.480%, 03/23/2017 (b)
  
18,000,000
    
17,987,875
  
18.86%
0.530%, 04/20/2017 (b)
  
21,000,000
    
20,978,265
  
22.00%
         
65,958,303
  
69.16%
Total Short-Term Investments (Cost $68,207,604)
        
68,208,164
  
71.52%
               
Total Investments (Cost $127,672,141) - 141.71%
        
135,157,195
  
141.71%
Liabilities in Excess of Other Assets - (41.71)%
        
(39,783,493)
  
(41.71)%
TOTAL NET ASSETS - 100.00%
       $
  95,373,702
  
100.00%
 
Percentages are stated as a percent of net assets.

(a)
The rate listed is the fund’s 7-day yield as of January 31, 2017.
      
(b)
The rate listed is discount rate at issue.
                
(c)
Collateral or partial collateral for securities sold subject to repurchase.
            
                       
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
                       
The cost basis of investments for federal income tax purposes at January 31, 2017, was as follows*:
          
                       
 
Cost of investments
     $
 127,672,141
            
 
Gross unrealized appreciation
      
              8,238,481
            
 
Gross unrealized depreciation
      
               (753,427)
            
 
Net unrealized appreciation
     $
   7,485,054
            
                       
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.    
 
 
Summary of Fair Value Exposure at  January 31, 2017
                
The Fund follows authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below:
                       
 
Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
                       
 
Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that  are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active  markets (such as interest rates, prepayment speeds, credit risk surves, default rates, and similar data)).
                       
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
                       
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.
                       
Equity Securities – Equity securities, including common stocks, preferred stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will generally be valued at the last sales price as reported by the primary exchange on which the securities are listed.  Securities listed on The NASDAQ Stock Market (“NASDAQ”) will generally be valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported.  Securities traded on a securities exchange for which a last-quoted sales price is not readily available will generally be valued at the mean between the bid and ask prices.  To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy.
                       
Registered Investment Companies – Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV provided by the applicable registered investment company’s service agent and will be classified in Level 1 of the fair value hierarchy.
                       
Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
  
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value.  If the original term to maturity of a short-term debt investment exceeded 60 days, then the values as of the 61st day prior to maturity are amortized.  Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined, as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities.
 
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security.  Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security, such as the trading volume of a security and markets, the value of other like securities, and news events with direct bearing to a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s investment advisor.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available.  All actions taken by the Valuation Committee are reviewed by the Board.
                       
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination.  Various inputs are used in determining the value of the Fund’s investments.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  Details related to the fair valuation hierarchy of the Fund’s securities as of  January 31, 2017, are as follows:
 
     
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                          
Consumer Discretionary
    
$
3,628,072
    
$
–
    
$
–
    
$
3,628,072
  
Consumer Staples
      
7,244,214
      
–
      
–
      
7,244,214
  
Energy
      
12,989,075
      
–
      
–
      
12,989,075
  
Health Care
      
8,046,168
      
–
      
–
      
8,046,168
  
Industrials
      
14,063,204
      
–
      
–
      
14,063,204
  
Information Technology
      
14,910,860
      
–
      
–
      
14,910,860
  
Telecommunication Services
      
6,067,438
      
–
      
–
      
6,067,438
  
Total Common Stocks
    
$
66,949,031
    
$
–
    
$
–
    
$
66,949,031
  
                                   
Short-Term Investments
                                  
Money Market Funds
    
$
2,249,861
    
$
–
    
$
–
    
$
2,249,861
  
U.S. Treasury Bills
      
–
      
65,958,303
      
–
      
65,958,303
  
Total Short-Term Investments
    
$
2,249,861
    
$
65,958,303
    
$
–
    
$
68,208,164
  
                                   
Total Investments
    
$
69,198,892
    
$
65,958,303
    
$
–
    
$
135,157,195
  
                                   
Transfers between levels are recognized at the end of the reporting period. During the three-month period ended January 31, 2017, the Fund recognized no transfers between levels.
  
 
 
Schedule of Reverse Repurchase Agreements
                                
   
Face Value
  
Counterparty
  
Rate
    
Principal Trade
Date
    
Maturity Date
    
Maturity Amount
  
   
$
16,191,000
  
Jefferies LLC
    
0.75
%
  
11/28/2016
    
2/23/2017
    
$
16,220,346
  
     
10,794,000
  
Jefferies LLC
    
1.00
%
  
12/23/2016
    
3/23/2017
      
10,820,985
  
     
12,593,000
  
Jefferies LLC
    
0.75
%
  
1/13/2017
    
4/20/2017
      
12,618,448
  
   
$
39,578,000
                              
$
39,659,779
  
                                           
As of January 31, 2017, the fair value of securities held as collateral for reverse repurchase agreements was $65,958,303 as noted on the Schedule of Investments.
  
                                           
Reverse repurchase agreements are carried at face value; hence, they are not included in the fair valuation hierarchy. The face value of the reverse repurchase agreements at January 31, 2017, was $39,578,000. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. The face value plus interest due at maturity is equal to $39,659,779.
  
 
 
Hennessy Equity and Income Fund
            
Schedule of Investments
            
January 31, 2017 (Unaudited)
            
 
Number of Shares/
        
% of
 
Par Amount
    
Value
  
Net Assets
COMMON STOCKS - 60.21%
            
Consumer Discretionary - 13.23%
            
CarMax, Inc. (a)
126,479
   $
   8,437,414
  
2.79%
Carnival Corp. (b)
153,150
    
8,481,447
  
2.80%
Dollar Tree, Inc. (a)
104,670
    
8,079,477
  
2.67%
Lowe’s Companies, Inc.
58,756
    
4,293,888
  
1.42%
NIKE, Inc., Class B
101,580
    
5,373,582
  
1.78%
O’Reilly Automotive, Inc. (a)
20,480
    
5,371,290
  
1.77%
       
40,037,098
  
13.23%
Consumer Staples - 6.56%
            
Altria Group, Inc.
109,937
    
7,825,316
  
2.59%
Edgewell Personal Care Co. (a)
106,752
    
8,416,328
  
2.78%
The Coca-Cola Co.
87,081
    
3,619,957
  
1.19%
       
19,861,601
  
6.56%
Energy - 1.50%
            
Chevron Corp.
40,751
    
4,537,624
  
1.50%
             
Financials - 14.66%
            
Alleghany Corp. (a)
11,500
    
7,033,055
  
2.33%
Bank of America Corp.
129,949
    
2,942,045
  
0.97%
Berkshire Hathaway, Inc., Class B (a)
80,019
    
13,134,319
  
4.34%
BlackRock, Inc.
18,028
    
6,742,112
  
2.23%
The Progressive Corp.
188,930
    
7,073,539
  
2.34%
Wells Fargo & Co.
131,783
    
7,423,336
  
2.45%
       
44,348,406
  
14.66%
Health Care - 3.45%
            
Bristol-Myers Squibb Co.
77,183
    
3,794,316
  
1.25%
Eli Lilly & Co.
86,200
    
6,639,986
  
2.20%
       
10,434,302
  
3.45%
Industrials - 11.07%
            
Deere & Co.
56,890
    
6,090,075
  
2.01%
FedEx Corp.
21,028
    
3,976,605
  
1.31%
General Dynamics Corp.
43,730
    
7,918,628
  
2.62%
General Electric Co.
162,850
    
4,836,645
  
1.60%
Norfolk Southern Corp.
58,590
    
6,881,981
  
2.28%
Southwest Airlines Co.
72,460
    
3,790,383
  
1.25%
       
33,494,317
  
11.07%
Information Technology - 6.44%
            
Apple, Inc.
66,540
    
8,074,629
  
2.67%
Cisco Systems, Inc.
150,566
    
4,625,387
  
1.53%
Visa, Inc., Class A
82,076
    
6,788,506
  
2.24%
       
19,488,522
  
6.44%
Materials - 2.22%
            
NewMarket Corp.
15,580
    
6,717,629
  
2.22%
             
Telecommunication Services - 1.08%
            
Verizon Communications, Inc.
66,808
    
3,274,260
  
1.08%
Total Common Stocks (Cost $156,119,713)
      
182,193,759
  
60.21%
               
PREFERRED STOCKS - 1.64%
            
Consumer Staples - 0.07%
            
CHS, Inc., Series 4, 7.500%, 01/21/2025
7,380
    
201,843
  
0.07%
             
Financials - 1.57%
            
Aegon N.V., 6.375%, 03/02/2017 (b)
2,050
    
51,947
  
0.02%
Banc of California, Inc., Series E, 7.000%, 03/15/2021
2,065
    
50,840
  
0.02%
Bank of America Corp.
            
Series EE, 6.000%, 04/25/2021
3,710
    
94,865
  
0.03%
Series CC, 6.200%, 01/29/2021
2,440
    
62,830
  
0.02%
BB&T Corp., Series F, 5.200%, 11/01/2017
9,930
    
241,001
  
0.08%
Capital One Financial Corp.
            
Series G, 5.200%, 12/01/2021
5,330
    
119,445
  
0.04%
Series F, 6.200%, 12/01/2020
4,610
    
118,938
  
0.04%
Citigroup, Inc.
            
Series C, 5.800%, 04/22/2018
3,935
    
98,729
  
0.03%
Series S, 6.300%, 02/12/2021
3,855
    
99,536
  
0.03%
Discover Financial Services, Series B, 6.500%, 12/01/2017
4,500
    
116,100
  
0.04%
 
 
Fannie Mae Preferred, Series S, 8.250%, 12/31/2020 (a)
10,600
    
98,262
  
0.03%
First Republic Bank
            
Series G, 5.500%, 03/30/2021
3,610
    
87,109
  
0.03%
Series F, 5.700%, 06/30/2020
3,465
    
87,353
  
0.03%
Huntington Bancshares, Inc., Series D, 6.250%, 04/15/2021
6,290
    
162,659
  
0.05%
IBERIABANK Corp., Series B, 6.625%, 08/01/2025
1,920
    
50,803
  
0.02%
ING Groep N.V., 6.125%, 04/15/2017 (b)
2,055
    
51,930
  
0.02%
JPMorgan Chase & Co., Series BB, 6.150%, 09/01/2020
9,030
    
234,690
  
0.08%
Legg Mason, Inc., 5.450%, 09/15/2021
4,755
    
108,271
  
0.03%
MetLife, Inc., Series A, 4.000%, 03/02/2017
9,925
    
238,895
  
0.08%
Morgan Stanley, Series I, 6.375%, 10/15/2024
7,585
    
200,927
  
0.07%
National General Holdings Corp., Series C, 7.500%, 07/15/2021
5,135
    
129,607
  
0.04%
Northern Trust Corp., Series C, 5.850%, 10/01/2019
9,220
    
237,876
  
0.08%
PNC Financial Services Group, Inc., Series Q, 5.375%, 12/01/2017
9,785
    
240,515
  
0.08%
Regions Financial Corp.
            
Series A, 6.375%, 12/15/2017
4,590
    
117,229
  
0.04%
Series B, 6.375%, 09/15/2024
4,355
    
117,498
  
0.04%
State Street Corp.
            
Series G, 5.350%, 03/15/2026
4,620
    
117,671
  
0.04%
Series D, 5.900%, 03/15/2024
4,465
    
117,340
  
0.04%
SunTrust Banks, Inc., Series E, 5.875%, 03/15/2018
9,300
    
233,151
  
0.08%
The Allstate Corp., Series E, 6.625%, 04/15/2019
8,935
    
236,152
  
0.08%
The Charles Schwab Corp.
            
Series D, 5.950%, 06/01/2021
4,625
    
120,158
  
0.04%
Series C, 6.000%, 12/01/2020
4,575
    
119,865
  
0.04%
The Goldman Sachs Group, Inc.
            
Series D, 4.000%, 03/02/2017
3,295
    
72,490
  
0.02%
Series N, 6.300%, 05/10/2021
2,755
    
72,319
  
0.02%
U.S. Bancorp, Series H, 5.150%, 06/15/2018 (d)
3,175
    
79,407
  
0.02%
Validus Holdings Ltd., Series A, 5.875%, 06/15/2021 (b)
5,700
    
137,484
  
0.04%
Wells Fargo & Co.
            
Series X, 5.500%, 09/15/2021
5,045
    
121,080
  
0.04%
Series V, 6.000%, 12/15/2020
4,610
    
119,860
  
0.04%
       
4,764,832
  
1.57%
Total Preferred Stocks (Cost $5,195,057)
      
4,966,675
  
1.64%
               
REITS - 0.34%
            
Financials - 0.34%
            
Apollo Commercial Real Estate Finance, Inc.
28,000
    
487,480
  
0.16%
Chimera Investment Corp., Series A, 8.000%, 10/30/2021
3,080
    
78,725
  
0.03%
Chimera Investment Corp.
19,000
    
334,970
  
0.11%
Monmouth Real Estate Investment Corp., Series C, 6.125%, 09/15/2021
2,175
    
54,266
  
0.02%
Public Storage, Series D, 4.950%, 7/20/2021
3,635
    
79,825
  
0.02%
         
1,035,266
  
0.34%
Total REITS (Cost $967,286)
      
1,035,266
  
0.34%
               
CORPORATE BONDS - 26.07%
            
Consumer Discretionary - 0.34%
            
Amazon.com, Inc., 3.300%, 12/05/2021
1,000,000
    
1,041,179
  
0.34%
               
Consumer Staples - 1.12%
            
Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/2019
150,000
    
166,900
  
0.06%
CVS Health Corp.
            
1.900%, 07/20/2018
1,300,000
    
1,305,274
  
0.43%
2.250%, 12/05/2018
500,000
    
504,181
  
0.17%
4.125%, 05/15/2021
1,000,000
    
1,056,840
  
0.35%
Wal-Mart Stores, Inc., 5.000%, 10/25/2040
300,000
    
339,374
  
0.11%
       
3,372,569
  
1.12%
Energy - 1.42%
            
Canadian Natural Resources Ltd., 3.900%, 02/01/2025 (b)
1,000,000
    
1,008,402
  
0.33%
Chevron Corp., 2.355%, 12/05/2022
540,000
    
531,294
  
0.18%
Encana Corp., 3.900%, 11/15/2021 (b)
1,600,000
    
1,638,518
  
0.54%
National Oilwell Varco, Inc., 2.600%, 12/01/2022
1,200,000
    
1,128,701
  
0.37%
       
4,306,915
  
1.42%
Financials - 14.33%
            
American Express Co., 6.150%, 08/28/2017
1,550,000
    
1,591,543
  
0.53%
American International Group, Inc.
            
4.125%, 02/15/2024
1,000,000
    
1,040,785
  
0.34%
4.875%, 06/01/2022
1,600,000
    
1,746,530
  
0.58%
Associates Corporation of North America, 6.950%, 11/01/2018
300,000
    
325,075
  
0.11%
Bank of New York Mellon Corp., 1.969%, 06/20/2017
500,000
    
501,563
  
0.17%
BB&T Corp., 2.300%, 10/15/2018
1,000,000
    
1,009,989
  
0.34%
Boston Properties, Inc., 5.875%, 10/15/2019
700,000
    
762,550
  
0.25%
 
 
Capital One Financial Corp., 4.750%, 07/15/2021
1,500,000
    
1,625,353
  
0.54%
Capital One NA, 2.250%, 09/13/2021
500,000
    
489,386
  
0.16%
Comerica, Inc., 2.125%, 05/23/2019
500,000
    
500,475
  
0.17%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 5.450%, 06/15/2023 (e)
1,220,000
    
1,312,209
  
0.43%
Discover Financial Services, 5.200%, 04/27/2022
900,000
    
973,335
  
0.32%
Fifth Third Bancorp
            
1.350%, 06/01/2017
1,000,000
    
1,000,578
  
0.33%
2.375%, 04/25/2019
1,775,000
    
1,790,443
  
0.59%
First Niagara Financial Group, Inc., 6.750%, 03/19/2020
590,000
    
665,721
  
0.22%
Ford Motor Credit Co. LLC, 3.000%, 06/12/2017
1,750,000
    
1,759,886
  
0.58%
Franklin Resources, Inc., 1.375%, 09/15/2017
1,080,000
    
1,081,973
  
0.36%
General Electric Capital Corp.
            
1.625%, 04/02/2018
500,000
    
501,427
  
0.17%
5.625%, 05/01/2018
550,000
    
578,104
  
0.19%
6.000%, 08/07/2019
610,000
    
673,259
  
0.22%
JPMorgan Chase & Co., 2.700%, 05/18/2023
1,000,000
    
976,338
  
0.32%
KeyCorp
            
2.300%, 12/13/2018
2,600,000
    
2,612,867
  
0.86%
5.100%, 03/24/2021
950,000
    
1,039,513
  
0.34%
Lincoln National Corp., 6.250%, 02/15/2020
780,000
    
862,997
  
0.29%
Merrill Lynch & Company, Inc., 6.875%, 04/25/2018
955,000
    
1,012,076
  
0.33%
MetLife, Inc., Series A, 6.817%, 08/15/2018
100,000
    
107,654
  
0.04%
Morgan Stanley
            
5.500%, 07/28/2021
2,333,000
    
2,588,382
  
0.86%
6.625%, 04/01/2018
750,000
    
791,242
  
0.26%
PNC Financial Services Group, Inc., 1.600%, 06/01/2018
1,000,000
    
999,660
  
0.33%
Qwest Capital Funding, Inc., 6.500%, 11/15/2018
700,000
    
746,900
  
0.25%
Raymond James Financial, Inc.
            
3.625%, 09/15/2026
1,500,000
    
1,471,446
  
0.48%
5.625%, 04/01/2024
700,000
    
781,916
  
0.26%
Royal Bank of Canada, 2.200%, 07/27/2018 (b)
1,000,000
    
1,008,931
  
0.33%
SunTrust Banks, Inc., 6.000%, 09/11/2017
250,000
    
256,651
  
0.08%
Synchrony Financial, 3.750%, 08/15/2021
1,200,000
    
1,233,764
  
0.41%
The Bear Stearns Companies, Inc., 6.400%, 10/02/2017
1,350,000
    
1,393,976
  
0.46%
The Goldman Sachs Group, Inc.
            
5.375%, 03/15/2020
1,100,000
    
1,193,010
  
0.39%
6.000%, 06/15/2020
1,500,000
    
1,664,696
  
0.55%
The Hartford Financial Services Group, Inc., 5.375%, 03/15/2017
300,000
    
301,494
  
0.10%
Wachovia Corp., 5.750%, 06/15/2017
850,000
    
863,913
  
0.29%
Wells Fargo & Co., 5.625%, 12/11/2017
1,000,000
    
1,034,726
  
0.34%
Westpac Banking Corp., 4.875%, 11/19/2019 (b)
450,000
    
483,425
  
0.16%
       
43,355,761
  
14.33%
Health Care - 2.92%
            
Agilent Technologies, Inc., 5.000%, 07/15/2020
650,000
    
703,647
  
0.23%
Amgen, Inc.
            
3.450%, 10/01/2020
1,000,000
    
1,037,420
  
0.34%
3.625%, 05/22/2024
1,500,000
    
1,526,535
  
0.51%
Celgene Corp.
            
2.300%, 08/15/2018
1,000,000
    
1,007,175
  
0.34%
3.625%, 05/15/2024
1,600,000
    
1,611,400
  
0.53%
Express Scripts Holding Co.
            
1.250%, 06/02/2017
500,000
    
500,017
  
0.16%
3.500%, 06/15/2024
700,000
    
684,538
  
0.23%
GlaxoSmithKline Capital, Inc., 1.500%, 05/08/2017 (b)
500,000
    
500,585
  
0.17%
Zoetis, Inc., 3.250%, 02/01/2023
1,250,000
    
1,255,125
  
0.41%
       
8,826,442
  
2.92%
Information Technology - 1.29%
            
Alphabet, Inc., 1.998%, 08/15/2026
550,000
    
503,946
  
0.17%
Apple, Inc., 4.500%, 02/23/2036
250,000
    
271,136
  
0.09%
Applied Materials, Inc., 4.300%, 06/15/2021
300,000
    
322,634
  
0.11%
Corning, Inc.
            
1.500%, 05/08/2018
390,000
    
389,374
  
0.13%
6.625%, 05/15/2019
695,000
    
766,199
  
0.25%
6.850%, 03/01/2029
275,000
    
333,010
  
0.11%
Juniper Networks, Inc., 4.600%, 03/15/2021
1,000,000
    
1,067,727
  
0.35%
Oracle Corp., 2.650%, 07/15/2026
250,000
    
235,269
  
0.08%
       
3,889,295
  
1.29%
Manufacturing - 0.44%
            
Teva Pharmaceutical Financial Co. BV, 2.950%, 12/18/2022 (b)
1,380,000
    
1,328,425
  
0.44%
               
Materials - 2.27%
            
AngloGold Ashanti Holdings PLC, 5.125%, 08/01/2022 (b)
1,000,000
    
1,038,500
  
0.34%
Arconic, Inc., 6.150%, 08/15/2020
625,000
    
680,680
  
0.23%
 
 
Goldcorp, Inc. (b)
            
2.125%, 03/15/2018
1,250,000
    
1,254,282
  
0.42%
3.625%, 06/09/2021
750,000
    
769,880
  
0.25%
Newmont Mining Corp., 3.500%, 03/15/2022
1,000,000
    
1,024,991
  
0.34%
Rio Tinto Finance USA Ltd., 3.750%, 06/15/2025 (b)
1,000,000
    
1,038,860
  
0.34%
The Dow Chemical Co., 4.250%, 11/15/2020
1,000,000
    
1,059,625
  
0.35%
       
6,866,818
  
2.27%
Telecommunication Services - 1.94%
            
AT&T, Inc.
            
3.000%, 02/15/2022
1,000,000
    
991,556
  
0.33%
5.350%, 09/01/2040
200,000
    
201,216
  
0.07%
5.800%, 02/15/2019
800,000
    
857,141
  
0.28%
CenturyLink, Inc., 5.150%, 06/15/2017
400,000
    
403,500
  
0.13%
Deutsche Telekom AG, 6.000%, 07/08/2019 (b)
1,160,000
    
1,266,601
  
0.42%
Verizon Communications, Inc., 2.450%, 11/01/2022
1,200,000
    
1,159,087
  
0.38%
Vodafone Group PLC, 1.500%, 02/19/2018 (b)
1,000,000
    
998,171
  
0.33%
       
5,877,272
  
1.94%
Total Corporate Bonds (Cost $77,959,475)
      
78,864,676
  
26.07%
               
MORTGAGE BACKED SECURITIES - 5.36%
            
Federal Home Loan Mortgage Corp.
            
1.000%, 10/27/2023
1,200,000
    
1,183,012
  
0.39%
1.500%, 10/15/2042
136,924
    
135,350
  
0.04%
2.000%, 10/15/2043
138,401
    
136,589
  
0.05%
2.500%, 08/15/2040
474,195
    
474,081
  
0.16%
2.750%, 01/15/2041
111,242
    
111,986
  
0.04%
3.000%, 09/15/2039
409,306
    
415,577
  
0.14%
3.000%, 05/01/2042
1,106,418
    
1,101,606
  
0.36%
3.000%, 09/01/2042
2,153,740
    
2,144,374
  
0.71%
3.000%, 05/15/2043
428,519
    
434,875
  
0.14%
5.000%, 05/01/2020
45,705
    
47,762
  
0.02%
5.500%, 04/01/2037
106,948
    
121,421
  
0.04%
Federal National Mortgage Association
            
1.250%, 06/25/2043
243,627
    
229,078
  
0.07%
1.500%, 08/10/2021
1,000,000
    
977,329
  
0.32%
1.500%, 03/30/2026
1,200,000
    
1,190,942
  
0.40%
1.500%, 04/18/2028
1,000,000
    
981,336
  
0.33%
2.000%, 11/25/2040
220,757
    
218,586
  
0.07%
2.000%, 11/25/2041
160,107
    
157,020
  
0.05%
2.250%, 03/25/2039
167,909
    
168,750
  
0.06%
3.000%, 10/01/2043
3,122,555
    
3,107,756
  
1.03%
3.500%, 01/01/2042
626,207
    
644,156
  
0.21%
4.000%, 10/01/2041
870,723
    
917,999
  
0.30%
4.000%, 12/01/2041
698,064
    
734,276
  
0.24%
4.500%, 08/01/2020
48,140
    
49,458
  
0.02%
6.000%, 10/01/2037
135,075
    
152,919
  
0.05%
Government National Mortgage Association, 1.750%, 02/16/2043
372,473
    
364,987
  
0.12%
Total Mortgage Backed Securities (Cost $16,287,362)
      
16,201,225
  
5.36%
               
U.S. TREASURY OBLIGATIONS - 4.20%
            
U.S. Treasury Bonds - 0.61%
            
U.S. Treasury Bonds, 3.625%, 02/15/2044
1,650,000
    
1,830,759
  
0.60%
U.S. Treasury Inflation Index Bond, 0.125%, 07/15/2022
26,238
    
26,615
  
0.01%
       
1,857,374
  
0.61%
U.S. Treasury Notes - 3.59%
            
U.S. Treasury Notes
            
1.125%, 01/31/2019
3,000,000
    
2,995,431
  
0.99%
1.375%, 01/15/2020
2,000,000
    
1,995,274
  
0.66%
1.625%, 02/15/2026
1,400,000
    
1,307,824
  
0.43%
1.875%, 01/31/2022
1,500,000
    
1,497,716
  
0.49%
2.000%, 11/15/2026
1,500,000
    
1,441,669
  
0.48%
2.125%, 05/15/2025
175,000
    
171,558
  
0.06%
2.625%, 11/15/2020
1,400,000
    
1,447,797
  
0.48%
         
10,857,269
  
3.59%
Total U.S. Treasury Obligations (Cost $12,800,997)
      
12,714,643
  
4.20%
               
U.S. GOVERNMENT AGENCY ISSUES - 0.60%
            
Finance and Insurance - 0.60%
            
Federal Home Loan Banks
            
1.250%, 10/17/2031
1,250,000
    
1,199,882
  
0.40%
5.750%, 06/15/2037
600,000
    
607,095
  
0.20%
         
1,806,977
  
0.60%
Total U.S. Government Agency Issues (Cost $1,924,737)
      
1,806,977
  
0.60%
               
 
 
INVESTMENT COMPANIES (EXCLUDING MONEY MARKET FUNDS) - 0.90%
            
Apollo Investment Corp.
30,000
    
175,800
  
0.06%
Ares Capital Corp.
16,000
    
270,400
  
0.09%
FS Investment Corp.
78,000
    
803,400
  
0.27%
Guggenheim Credit Allocation Fund
34,000
    
795,260
  
0.26%
OHA Investment Corp.
8,000
    
15,120
  
0.00%
SPDR Barclays Capital High Yield Bond
1,000
    
36,910
  
0.01%
SPDR Barclays Short Term High Yield
4,000
    
111,840
  
0.04%
Vanguard High-Yield Corporate Fund
89,820
    
526,346
  
0.17%
Total Investment Companies (Excluding Money Market Funds) (Cost $2,587,215)
      
2,735,076
  
0.90%
             
SHORT-TERM INVESTMENTS - 0.57%
            
Money Market Funds - 0.57%
            
Fidelity Government Portfolio, Institutional Class, 0.43% (c)
1,715,514
    
1,715,514
  
0.57%
Total Short-Term Investments (Cost $1,715,514)
      
1,715,514
  
0.57%
               
Total Investments (Cost $275,557,356) - 99.89%
      
302,233,811
  
99.89%
Other Assets in Excess of Liabilities - 0.11%
      
337,034
  
0.11%
TOTAL NET ASSETS - 100.00%
     $
302,570,845
  
100.00%
 
Percentages are stated as a percent of net assets.

REIT
Real Estate Investment Trust
                
(a)
Non-income producing security.
                
(b)
U.S. traded security of a foreign corporation.
                
(c)
The rate listed is the fund’s 7-day yield as of January 31, 2017.
                
(d)
Investment in affiliated security. Quasar Distributors, LLC, which serves as the Fund’s distributor, is a subsidiary of U.S. Bancorp. Details of transactions with this affiliated company for the three-month period ended January 31, 2017, are as follows:
 
 
            
 
     Issuer
U.S. Bancorp
            
 
     Beginning Cost
 $
 114,807
            
 
     Purchase Cost
 $
  -
            
 
     Sales Cost
 $
   (33,126)
            
 
     Ending Cost
 $
81,681
            
 
     Dividend Income
 $
   1,197
            
 
     Shares
  
                    3,175
            
 
     Market Value
 $
 79,407
            
(e)
144A security.
                
                   
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
           
                   
The cost basis of investments for federal income tax purposes at January 31, 2017, was as follows*:
            
                   
Cost of investments
 $
275,557,356
            
Gross unrealized appreciation
  
30,092,978
            
Gross unrealized depreciation
  
(3,416,523)
            
Net unrealized appreciation
 $
  26,676,455
            
                   
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.
                   
Summary of Fair Value Exposure at January 31, 2017
                
The Fund follows authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below:
                   
 
Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
                   
 
Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets (such as interest rates, prepayment speeds, credit risk surves, default rates, and similar data)).
                   
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
                   
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.
                   
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will generally be valued at the last sales price as reported by the primary exchange on which the securities are listed.  Securities listed on The NASDAQ Stock Market (“NASDAQ”) will generally be valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported.  Securities traded on a securities exchange for which a last-quoted sales price is not readily available will generally be valued at the mean between the bid and ask prices.  To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy.  Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time.  The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim.  In certain circumstances, it may be determined that a security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., weather related events) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide).
 
 
Registered Investment Companies – Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV provided by the applicable registered investment company’s service agent and will be classified in Level 1 of the fair value hierarchy.
 
Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  In addition, the model may incorporate observable market data, such as reported sales ofsimilar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  Short-term debt investments with  an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value.  If the original term to maturity of a short-term  debt investment exceeded 60 days, then the values as of the 61st day prior to maturity are amortized.  Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined, as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities.
 
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security.  Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security, such as the trading volume of a security and markets, the value of other like securities, and news events with direct bearing to a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The fair valuation of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts.  The effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined by  the Board or its designee instead of being determined by the market.  Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign security’s most recent closing price and from the prices used by other investment companies to calculate their NAVs and are generally considered Level 2 prices in the fair valuation hierarchy.  Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you will not be able to purchase or redeem your shares.
 
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s investment advisor.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available.  All actions taken by the Valuation Committee are reviewed by the Board.
 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination.  Various inputs are used in determining the value of the Fund’s investments.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  Details related to the fair valuation hierarchy of the Fund’s securities as of January 31, 2017, are as follows: 
 
   
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
   
Consumer Discretionary
  
$
40,037,098
    
$
–
    
$
–
    
$
40,037,098
  
   
Consumer Staples
    
19,861,601
      
–
      
–
      
19,861,601
  
   
Energy
    
4,537,624
      
–
      
–
      
4,537,624
  
   
Financials
    
44,348,406
      
–
      
–
      
44,348,406
  
   
Health Care
    
10,434,302
      
–
      
–
      
10,434,302
  
   
Industrials
    
33,494,317
      
–
      
–
      
33,494,317
  
   
Information Technology
    
19,488,522
      
–
      
–
      
19,488,522
  
   
Materials
    
6,717,629
      
–
      
–
      
6,717,629
  
   
Telecommunication Services
    
3,274,260
      
–
      
–
      
3,274,260
  
   
Total Common Stocks
  
$
182,193,759
    
$
–
    
$
–
    
$
182,193,759
  
                                     
   
Preferred Stocks
                                
   
Consumer Staples
  
$
201,843
    
$
–
    
$
–
    
$
201,843
  
   
Financials
    
4,764,832
      
–
      
–
      
4,764,832
  
   
Total Preferred Stocks
  
$
4,966,675
    
$
–
    
$
–
    
$
4,966,675
  
                                     
   
REITS
                                
   
Financials
  
$
1,035,266
    
$
–
    
$
–
    
$
1,035,266
  
   
Total REITS
  
$
1,035,266
    
$
–
    
$
–
    
$
1,035,266
  
                                     
 
 
   
Corporate Bonds
                                
   
Consumer Discretionary
  
$
–
    
$
1,041,179
    
$
–
    
$
1,041,179
  
   
Consumer Staples
    
–
      
3,372,569
      
–
      
3,372,569
  
   
Energy
    
–
      
4,306,915
      
–
      
4,306,915
  
   
Financials
    
–
      
43,355,761
      
–
      
43,355,761
  
   
Health Care
    
–
      
8,826,442
      
–
      
8,826,442
  
   
Information Technology
    
–
      
3,889,295
      
–
      
3,889,295
  
   
Manufacturing
    
–
      
1,328,425
      
–
      
1,328,425
  
   
Materials
    
–
      
6,866,818
      
–
      
6,866,818
  
   
Telecommunication Services
    
–
      
5,877,272
      
–
      
5,877,272
  
   
Total Corporate Bonds
  
$
–
    
$
78,864,676
    
$
–
    
$
78,864,676
  
                                     
   
Mortgage Backed Securities
  
$
–
    
$
16,201,225
    
$
–
    
$
16,201,225
  
                                     
   
U.S. Treasury Obligations
                                
   
U.S. Treasury Bonds
  
$
–
    
$
1,857,374
    
$
–
    
$
1,857,374
  
   
U.S. Treasury Notes
    
–
      
10,857,269
      
–
      
10,857,269
  
   
Total U.S. Treasury Obligations
  
$
–
    
$
12,714,643
    
$
–
    
$
12,714,643
  
                                     
   
U.S. Government Agency Issues
  
$
–
    
$
1,806,977
    
$
–
    
$
1,806,977
  
                                     
   
Investment Companies (Excluding Money Market Funds)
  
$
2,735,076
    
$
–
    
$
–
    
$
2,735,076
  
                                     
   
Short-Term Investments
                                
   
Money Market Funds
  
$
1,715,514
    
$
–
    
$
–
    
$
1,715,514
  
   
Total Short-Term Investments
  
$
1,715,514
    
$
–
    
$
–
    
$
1,715,514
  
                                     
   
Total Investments
  
$
192,646,290
    
$
109,587,521
    
$
–
    
$
302,233,811
  
                                     
Transfers between levels are recognized at the end of the reporting period. During the three-month period ended January 31, 2017, the Fund recognized no transfers between levels.
  



Hennessy Balanced Fund
            
Schedule of Investments
            
January 31, 2017 (Unaudited)
            
 
Number of Shares/
        
% of
 
Par Amount
    
Value
  
Net Assets
COMMON STOCKS - 52.95%
            
Consumer Discretionary - 2.91%
            
McDonald’s Corp.
2,900
   $
    355,453
  
2.91%
             
Consumer Staples - 2.67%
            
The Coca-Cola Co.
7,850
    
326,324
  
2.67%
             
Energy - 10.10%
            
Chevron Corp.
5,650
    
629,127
  
5.15%
Exxon Mobil Corp.
7,200
    
604,008
  
4.95%
       
1,233,135
  
10.10%
Health Care - 7.63%
            
Merck & Co., Inc.
5,450
    
337,846
  
2.77%
Pfizer, Inc.
18,700
    
593,351
  
4.86%
       
931,197
  
7.63%
Industrials - 11.74%
            
Caterpillar, Inc.
7,250
    
693,535
  
5.68%
General Electric Co.
950
    
28,215
  
0.23%
The Boeing Co.
4,350
    
710,877
  
5.83%
       
1,432,627
  
11.74%
Information Technology - 13.32%
            
Cisco Systems, Inc.
19,500
    
599,040
  
4.91%
Intel Corp.
9,400
    
346,108
  
2.83%
International Business Machines Corp.
3,900
    
680,628
  
5.58%
       
1,625,776
  
13.32%
Telecommunication Services - 4.58%
            
Verizon Communications, Inc.
11,400
    
558,714
  
4.58%
Total Common Stocks (Cost $5,528,153)
      
6,463,226
  
52.95%
               
SHORT-TERM INVESTMENTS - 47.35%
            
Money Market Funds - 2.34%
            
Fidelity Government Portfolio, Institutional Class, 0.43% (a)
286,190
    
286,190
  
2.34%
               
U.S. Treasury Bills - 45.01%
            
0.475%, 02/02/2017 (b)
1,000,000
    
999,986
  
8.19%
0.490%, 03/02/2017 (b)
1,000,000
    
999,460
  
8.19%
0.555%, 03/30/2017 (b)
1,000,000
    
999,113
  
8.19%
0.605%, 05/25/2017 (b)
1,000,000
    
998,424
  
8.18%
0.645%, 06/22/2017 (b)
1,000,000
    
997,958
  
8.18%
0.605%, 07/20/2017 (b)
500,000
    
498,577
  
4.08%
       
5,493,518
  
45.01%
Total Short-Term Investments (Cost $5,779,300)
      
5,779,708
  
47.35%
               
Total Investments (Cost $11,307,453) - 100.30%
      
12,242,934
  
100.30%
Liabilities in Excess of Other Assets - (0.30)%
      
(36,677)
  
(0.30)%
TOTAL NET ASSETS - 100.00%
     $
  12,206,257
  
100.00%


Percentages are stated as a percent of net assets.

(a)
The rate listed is the fund’s 7-day yield as of January 31, 2017.
            
(b)
The rate listed is discount rate at issue.
                
                   
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
                   
The cost basis of investments for federal income tax purposes at January 31, 2017, was as follows*:
        
                   
Cost of investments
 $
 11,307,453
            
Gross unrealized appreciation
  
                970,181
            
Gross unrealized depreciation
  
                (34,700)
            
Net unrealized appreciation
 $
  935,481
            
                   
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year.
For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.
 
 
Summary of Fair Value Exposure at January 31, 2017
                
The Fund follows authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below:
                   
 
Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
                   
 
Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets (such as interest rates, prepayment speeds, credit risk surves, default rates, and similar data)).
                   
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
                   
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.
 
Equity Securities – Equity securities, including common stocks, preferred stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will generally be valued at the last sales price as reported by the primary exchange on which the securities are listed.  Securities listed on The NASDAQ Stock Market (“NASDAQ”) will generally be valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported.  Securities traded on a securities exchange for which a last-quoted sales price is not readily available will generally be valued at the mean between the bid and ask prices.  To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy.
 
Registered Investment Companies – Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV provided by the applicable registered investment company’s service agent and will be classified in Level 1 of the fair value hierarchy.
 
Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value.  If the original term to maturity of a short-term debt investment exceeded 60 days, then the values as of the 61st day prior to maturity are amortized.  Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined, as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities.
 
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security.  Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security, such as the trading volume of a security and markets, the value of other like securities, and news events with direct bearing to a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s investment advisor.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available.  All actions taken by the Valuation Committee are reviewed by the Board.
 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination.  Various inputs are used in determining the value of the Fund’s investments.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  Details related to the fair valuation hierarchy of the Fund’s securities as of January 31, 2017, are as follows: 
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Consumer Discretionary
  
$
355,453
    
$
–
    
$
–
    
$
355,453
  
Consumer Staples
    
326,324
      
–
      
–
      
326,324
  
Energy
    
1,233,135
      
–
      
–
      
1,233,135
  
Health Care
    
931,197
      
–
      
–
      
931,197
  
Industrials
    
1,432,627
      
–
      
–
      
1,432,627
  
Information Technology
    
1,625,776
      
–
      
–
      
1,625,776
  
Telecommunication Services
    
558,714
      
–
      
–
      
558,714
  
Total Common Stocks
  
$
6,463,226
    
$
–
    
$
–
    
$
6,463,226
  
                                 
Short-Term Investments
                                
Money Market Funds
  
$
286,190
    
$
–
    
$
–
    
$
286,190
  
U.S. Treasury Bills
    
–
      
5,493,518
      
–
      
5,493,518
  
Total Short-Term Investments
  
$
286,190
    
$
5,493,518
    
$
–
    
$
5,779,708
  
                                 
Total Investments
  
$
6,749,416
    
$
5,493,518
    
$
–
    
$
12,242,934
  
                                 
Transfers between levels are recognized at the end of the reporting period. During the three-month period ended January 31, 2017, the Fund recognized no transfers between levels.
  


 
Hennessy Gas Utility Fund
            
Schedule of Investments
            
January 31, 2017 (Unaudited)
            
   
Number of
        
% of
   
Shares
    
Value
  
Net Assets
COMMON STOCKS - 98.58%
            
Energy - 25.87%
            
Cheniere Energy, Inc. (a)
1,512,617
   $
 72,076,200
  
4.97%
Enbridge, Inc. (b)
1,602,432
    
68,263,603
  
4.71%
EQT Corp.
344,532
    
20,888,975
  
1.44%
Kinder Morgan, Inc.
3,209,101
    
71,691,316
  
4.95%
Spectra Energy Corp.
1,685,355
    
70,195,036
  
4.84%
TransCanada Corp. (b)
1,520,553
    
71,800,513
  
4.96%
         
374,915,643
  
25.87%
Financials - 0.53%
            
Berkshire Hathaway, Inc., Class A (a)
31
    
7,625,391
  
0.53%
               
Utilities - 72.18%
            
Algonquin Power & Utilities Corp. (b)
393,400
    
3,422,580
  
0.24%
ALLETE, Inc.
2,075
    
135,601
  
0.01%
Alliant Energy Corp.
142,808
    
5,376,721
  
0.37%
Ameren Corp.
183,340
    
9,652,851
  
0.67%
Atmos Energy Corp.
857,736
    
65,342,328
  
4.51%
Avangrid, Inc.
103,800
    
4,027,440
  
0.28%
Avista Corp.
100,472
    
3,882,238
  
0.27%
Black Hills Corp.
80,959
    
5,063,985
  
0.35%
Centerpoint Energy, Inc.
939,328
    
24,619,787
  
1.70%
Chesapeake Utilities Corp.
103,658
    
6,779,233
  
0.47%
CMS Energy Corp.
694,648
    
29,592,005
  
2.04%
Consolidated Edison, Inc.
415,786
    
30,913,689
  
2.13%
Corning Natural Gas Holding Corp.
20,264
    
428,280
  
0.03%
Delta Natural Gas Company, Inc.
56,454
    
1,485,869
  
0.10%
Dominion Resources, Inc.
944,446
    
72,042,341
  
4.97%
DTE Energy Co.
281,254
    
27,742,895
  
1.91%
Duke Energy Corp.
374,237
    
29,392,574
  
2.03%
Entergy Corp.
12,300
    
881,172
  
0.06%
Eversource Energy
272,475
    
15,073,317
  
1.04%
Exelon Corp.
396,631
    
14,231,120
  
0.98%
Fortis, Inc. (b)
987,614
    
31,741,914
  
2.19%
Gas Natural, Inc.
61,218
    
774,408
  
0.05%
MDU Resources Group, Inc.
641,907
    
18,839,970
  
1.30%
MGE Energy, Inc.
49,554
    
3,154,112
  
0.22%
National Fuel Gas Co.
370,724
    
20,816,153
  
1.44%
National Grid PLC - ADR (b)
1,239,058
    
72,447,721
  
5.00%
New Jersey Resources Corp.
492,084
    
18,551,567
  
1.28%
NiSource, Inc.
1,528,131
    
34,184,290
  
2.36%
Northwest Natural Gas Co.
233,286
    
13,740,545
  
0.95%
NorthWestern Corp.
82,398
    
4,705,750
  
0.32%
ONE Gas, Inc.
431,025
    
27,852,836
  
1.92%
PG&E Corp.
1,035,849
    
64,108,695
  
4.42%
PPL Corp.
496,819
    
17,309,174
  
1.19%
Public Service Enterprise Group, Inc.
700,290
    
30,987,833
  
2.14%
RGC Resources, Inc.
39,645
    
1,089,445
  
0.08%
SCANA Corp.
179,966
    
12,363,664
  
0.85%
Sempra Energy
700,340
    
71,707,813
  
4.95%
South Jersey Industries, Inc.
429,671
    
14,179,143
  
0.98%
Southwest Gas Holdings, Inc.
351,317
    
28,305,611
  
1.95%
Spire, Inc.
335,091
    
21,780,915
  
1.50%
The Southern Co.
1,151,100
    
56,898,873
  
3.93%
UGI Corp.
319,152
    
14,799,078
  
1.02%
Unitil Corp.
67,698
    
3,098,537
  
0.21%
Vectren Corp.
340,228
    
18,675,115
  
1.29%
WEC Energy Group, Inc.
790,590
    
46,684,340
  
3.22%
WGL Holdings, Inc.
338,692
    
27,752,422
  
1.92%
Xcel Energy, Inc.
470,399
    
19,436,887
  
1.34%
         
1,046,072,837
  
72.18%
Total Common Stocks (Cost $941,047,666)
      
1,428,613,871
  
98.58%
               
PARTNERSHIPS - 1.01%
            
Energy - 1.01%
            
Plains GP Holdings LP, Class A
449,555
    
14,588,060
  
1.01%
Total Partnerships (Cost $17,859,575)
      
14,588,060
  
1.01%
               
 
 
SHORT-TERM INVESTMENTS - 0.22%
            
Money Market Funds - 0.22%
            
Fidelity Government Portfolio, Institutional Class, 0.43% (c)
3,252,287
    
3,252,287
  
0.22%
Total Short-Term Investments (Cost $3,252,287)
      
3,252,287
  
0.22%
               
Total Investments (Cost $962,159,528) - 99.81%
      
1,446,454,218
  
99.81%
Other Assets in Excess of Liabilities - 0.19%
      
2,812,851
  
0.19%
TOTAL NET ASSETS - 100.00%
     $
1,449,267,069
  
100.00%
 
Percentages are stated as a percent of net assets.
 
ADR
American Depositary Receipt
            
(a)
Non-income producing security.
            
(b)
U.S. traded security of a foreign corporation.
            
(c)
The rate listed is the fund’s 7-day yield as of January 31, 2017.
    
               
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
 
The cost basis of investments for federal income tax purposes at January 31, 2017, was as follows*:
             
Cost of investments
 $
962,159,528
        
Gross unrealized appreciation
  
501,683,175
        
Gross unrealized depreciation
  
(17,388,485)
        
Net unrealized appreciation
 $
484,294,690
        
             
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.
 
Summary of Fair Value Exposure at January 31, 2017
            
The Fund follows authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below:
                 
 
Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
                 
 
Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets (such as interest rates, prepayment speeds, credit risk surves, default rates, and similar data)).
                 
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
                 
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.
 
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will generally be valued at the last sales price as reported by the primary exchange on which the securities are listed.  Securities listed on The NASDAQ Stock Market (“NASDAQ”) will generally be valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported.  Securities traded on a securities exchange for which a last-quoted sales price is not readily available will generally be valued at the mean between the bid and ask prices.  To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy.  Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time.  The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim.  In certain circumstances, it may be determined that a security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., weather
Registered Investment Companies – Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV provided by the applicable registered investment company’s service agent and will be classified in Level 1 of the fair value hierarchy.
 
Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  In addition, the model may incorporate observable market data, such as reported sales of  similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value.  If the original term to maturity of a short-term debt investment exceeded 60 days, then the values as of the 61st day prior to maturity are amortized.  Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined, as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities. 
 
 
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security.  Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security, such as the trading volume of a security and markets, the value of other like securities, and news events with direct bearing to a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The fair valuation of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts.  The effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined by  the Board or its designee instead of being determined by the market.  Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign security’s most recent closing price and from the prices used by other investment companies to calculate their NAVs and are generally considered Level 2 prices in the fair valuation hierarchy.  Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you will not be able to purchase or redeem your shares.
 
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s investment advisor.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available.  All actions
taken by the Valuation Committee are reviewed by the Board.
 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination.  Various inputs are used in determining the value of the Fund’s investments.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  Details related to the fair valuation hierarchy of the Fund’s securities as of January 31, 2017, are as follows:  
 
       
Level 1
    
Level 2
    
Level 3
    
Total
  
   
Common Stocks
                        
   
Energy
  
$
374,915,643
    
$
–
    
$
–
    
$
374,915,643
  
   
Financials
    
7,625,391
      
–
      
–
      
7,625,391
  
   
Utilities
    
1,045,644,557
      
428,280
      
–
      
1,046,072,837
  
   
Total Common Stocks
  
$
1,428,185,591
    
$
428,280
    
$
–
    
$
1,428,613,871
  
                                     
   
Partnerships
                                
   
Energy
  
$
14,588,060
    
$
–
    
$
–
    
$
14,588,060
  
   
Total Partnerships
  
$
14,588,060
    
$
–
    
$
–
    
$
14,588,060
  
                                     
   
Short-Term Investments
                                
   
Money Market Funds
  
$
3,252,287
    
$
–
    
$
–
    
$
3,252,287
  
   
Total Short-Term Investments
  
$
3,252,287
    
$
–
    
$
–
    
$
3,252,287
  
                                     
   
Total Investments
  
$
1,446,025,938
    
$
428,280
    
$
–
    
$
1,446,454,218
  
                                     
Transfers between levels are recognized at the end of the reporting period. During the three-month period ended January 31, 2017, the Fund recognized transfers between Levels 1 and 2.
  
                                     
Below is a reconciliation that details the transfer of securities between Level 1 and Level 2 during the reporting period.
  
                                     
        
Common Stock
                          
Transfers into Level 1
  
$
–
                          
Transfers out of Level 1
    
(428,280
)
                        
Net Transfers into/(out of) Level 1
  
$
(428,280
)
                        
                                     
                                     
Transfers into Level 2
  
$
428,280
                          
Transfers out of Level 2
    
–
                          
Net transfers into/(out of) Level 2
  
$
428,280
                          
                                     
The Fund transferred $428,280 from Level 1 to Level 2 at January 31, 2017. The security was transferred due to lack of an active market on January 31, 2017, but actively traded on October 31, 2016.
  
 
 
Hennessy Small Cap Financial Fund
            
Schedule of Investments
            
January 31, 2017 (Unaudited)
            
 
Number of
        
% of
 
Shares
    
Value
  
Net Assets
COMMON STOCKS - 91.36%
            
Financials - 91.36%
            
Astoria Financial Corp.
250,000
   $
   4,727,500
  
1.91%
BankUnited, Inc.
60,000
    
2,292,000
  
0.93%
Banner Corp.
127,500
    
7,155,300
  
2.90%
Beneficial Bancorp, Inc.
280,000
    
4,998,000
  
2.02%
Brookline Bancorp, Inc.
585,000
    
9,213,750
  
3.73%
Capstar Financial Holdings, Inc. (a)
390,000
    
8,151,000
  
3.30%
Clifton Bancorp, Inc.
365,000
    
5,664,800
  
2.29%
ConnectOne Bancorp, Inc.
105,000
    
2,593,500
  
1.05%
Eagle Bancorp, Inc. (a)
165,000
    
10,106,250
  
4.09%
FCB Financial Holdings, Inc., Class A (a)
195,000
    
9,155,250
  
3.71%
First BanCorp. (a) (b)
1,090,000
    
7,324,800
  
2.97%
First Connecticut Bancorp, Inc.
225,000
    
5,096,250
  
2.06%
Flushing Financial Corp.
290,000
    
7,888,000
  
3.19%
Green Bancorp, Inc. (a)
220,000
    
3,773,000
  
1.53%
Hingham Institution for Savings
52,000
    
10,056,280
  
4.07%
Hope Bancorp, Inc.
200,000
    
4,182,000
  
1.69%
IBERIABANK Corp.
120,000
    
9,858,000
  
3.99%
Independent Bank Corp.
110,000
    
6,858,500
  
2.78%
Kearny Financial Corp. of Maryland
510,000
    
7,777,500
  
3.15%
Meridian Bancorp, Inc.
422,500
    
7,964,125
  
3.22%
Meta Financial Group, Inc.
90,000
    
7,906,500
  
3.20%
Midland States Bancorp, Inc.
290,000
    
9,819,400
  
3.98%
OceanFirst Financial Corp.
270,000
    
7,670,700
  
3.11%
Opus Bank
170,000
    
3,459,500
  
1.40%
PacWest Bancorp
153,000
    
8,476,200
  
3.43%
Pinnacle Financial Partners, Inc.
33,000
    
2,206,050
  
0.89%
Preferred Bank
40,000
    
2,216,400
  
0.90%
Provident Financial Services, Inc.
198,000
    
5,241,060
  
2.12%
Texas Capital Bancshares, Inc. (a)
46,000
    
3,795,000
  
1.54%
United Community Banks, Inc.
50,000
    
1,406,500
  
0.57%
United Financial Bancorp, Inc. of Georgia
345,000
    
6,227,250
  
2.52%
Washington Federal, Inc.
265,000
    
8,705,250
  
3.53%
Western Alliance Bancorp (a)
80,000
    
3,950,400
  
1.60%
Wintrust Financial Corp.
72,000
    
5,155,200
  
2.09%
WSFS Financial Corp.
83,000
    
3,759,900
  
1.52%
Xenith Bankshares, Inc. (a)
219,203
    
5,708,046
  
2.31%
Yadkin Financial Corp.
160,000
    
5,120,000
  
2.07%
         
225,659,161
  
91.36%
Total Common Stocks (Cost $176,942,805)
      
225,659,161
  
91.36%
               
SHORT-TERM INVESTMENTS - 8.13%
            
Money Market Funds - 8.13%
            
Fidelity Government Portfolio, Institutional Class, 0.43% (c)
12,283,000
    
12,283,000
  
4.97%
The Government & Agency Portfolio, Institutional Class, 0.47% (c)
7,799,805
    
7,799,805
  
3.16%
       
20,082,805
  
8.13%
Total Short-Term Investments (Cost $20,082,805)
      
20,082,805
  
8.13%
               
Total Investments (Cost $197,025,610) - 99.49%
      
245,741,966
  
99.49%
Other Assets in Excess of Liabilities - 0.51%
      
1,257,668
  
0.51%
TOTAL NET ASSETS - 100.00%
     $
 246,999,634
  
100.00%
 
Percentages are stated as a percent of net assets.

(a)
Non-income producing security.
                
(b)
U.S. traded security of a foreign corporation.
                
(c)
The rate listed is the fund’s 7-day yield as of January 31, 2017.
                
                   
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
                   
The cost basis of investments for federal income tax purposes at January 31, 2017, was as follows*:
            
                   
Cost of investments
 $
 197,025,610
            
Gross unrealized appreciation
  
51,860,450
            
Gross unrealized depreciation
  
(3,144,094)
            
Net unrealized appreciation
 $
 48,716,356
            
 
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.
 
 
Summary of Fair Value Exposure at January 31, 2017
              
The Fund follows authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below:
                 
 
Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
  
                 
 
Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets (such as interest rates, prepayment speeds, credit risk surves, default rates, and similar data)).
                 
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
                 
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.
  
 
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will generally be valued at the last sales price as reported by the primary exchange on which the securities are listed.  Securities listed on The NASDAQ Stock Market (“NASDAQ”) will generally be valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported.  Securities traded on a securities exchange for which a last-quoted sales price is not readily available will generally be valued at the mean between the bid and ask prices.  To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy.  Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time.  The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim.  In certain circumstances, it may be determined that a security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., weather related events) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide).
 
Registered Investment Companies – Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV provided by the applicable registered investment company’s service agent and will be classified in Level 1 of the fair value hierarchy. 
 
Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value.  If the original term to maturity of a short-term debt investment exceeded 60 days, then the values as of the 61st day prior to maturity are amortized.  Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined, as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities.
 
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security.  Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security, pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy. 
 
The fair valuation of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts.  The effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined by  the Board or its designee instead of being determined by the market.  Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign security’s most recent closing price and from the prices used by other investment companies to calculate their NAVs and are generally considered Level 2 prices in the fair valuation hierarchy.  Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you will not be able to purchase
or redeem your shares.
 
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s investment advisor.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available.  All actions taken by the Valuation Committee are reviewed by the Board.
 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination.  Various inputs are used in determining the value of the Fund’s investments.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  Details related to the fair valuation hierarchy of the Fund’s securities as of January 31, 2017, are as follows: 
 
 
       
Level 1
    
Level 2
    
Level 3
    
Total
  
   
Common Stocks
                        
   
Financials
  
$
225,659,161
    
$
–
    
$
–
    
$
225,659,161
  
   
Total Common Stocks
  
$
225,659,161
    
$
–
    
$
–
    
$
225,659,161
  
                                     
   
Short-Term Investments
                                
   
Money Market Funds
  
$
20,082,805
    
$
–
    
$
–
    
$
20,082,805
  
   
Total Short-Term Investments
  
$
20,082,805
    
$
–
    
$
–
    
$
20,082,805
  
                                     
   
Total Investments
  
$
245,741,966
    
$
–
    
$
–
    
$
245,741,966
  
                                     
Transfers between levels are recognized at the end of the reporting period. During the three-month period ended January 31, 2017, the Fund recognized no transfers between levels.
  



Hennessy Large Cap Financial Fund
            
Schedule of Investments
            
January 31, 2017 (Unaudited)
            
 
Number of
        
% of
 
Shares
    
Value
  
Net Assets
COMMON STOCKS - 93.17%
            
Financials - 81.04%
            
Bank of America Corp.
80,000
   $
  1,811,200
  
5.97%
Berkshire Hathaway, Inc., Class B (a)
9,000
    
1,477,260
  
4.87%
Capital One Financial Corp.
10,000
    
873,900
  
2.88%
Citigroup, Inc.
25,000
    
1,395,750
  
4.60%
Citizens Financial Group, Inc.
37,000
    
1,338,290
  
4.41%
Comerica, Inc.
18,000
    
1,215,540
  
4.01%
East West Bancorp, Inc.
20,000
    
1,028,800
  
3.39%
Fifth Third Bancorp
55,000
    
1,435,500
  
4.74%
Huntington Bancshares, Inc.
90,000
    
1,217,700
  
4.02%
JPMorgan Chase & Co.
17,000
    
1,438,710
  
4.75%
KeyCorp
30,000
    
539,100
  
1.78%
Morgan Stanley
20,000
    
849,800
  
2.80%
Regions Financial Corp.
100,000
    
1,441,000
  
4.75%
SunTrust Banks, Inc.
24,000
    
1,363,680
  
4.50%
Synchrony Financial
37,000
    
1,325,340
  
4.37%
The Goldman Sachs Group, Inc.
5,500
    
1,261,260
  
4.16%
The PNC Financial Services Group, Inc.
13,000
    
1,565,980
  
5.17%
U.S. Bancorp (c)
10,000
    
526,500
  
1.74%
Wells Fargo & Co.
25,000
    
1,408,250
  
4.65%
Zions Bancorporation
25,000
    
1,054,750
  
3.48%
       
24,568,310
  
81.04%
Information Technology - 12.13%
            
MasterCard, Inc., Class A
9,000
    
956,970
  
3.16%
PayPal Holdings, Inc. (a)
32,000
    
1,272,960
  
4.20%
Visa, Inc., Class A
17,500
    
1,447,425
  
4.77%
       
3,677,355
  
12.13%
Total Common Stocks (Cost $21,946,008)
      
28,245,665
  
93.17%
               
SHORT-TERM INVESTMENTS - 2.70%
            
Money Market Funds - 2.70%
            
Fidelity Government Portfolio, Institutional Class, 0.43% (b)
818,198
    
818,198
  
2.70%
Total Short-Term Investments (Cost $818,198)
      
818,198
  
2.70%
               
Total Investments (Cost $22,764,206) - 95.87%
      
29,063,863
  
95.87%
Other Assets in Excess of Liabilities - 4.13%
      
1,250,841
  
4.13%
TOTAL NET ASSETS - 100.00%
     $
  30,314,704
  
100.00%
 
Percentages are stated as a percent of net assets.

(a)
Non-income producing security.
                
(b)
The rate listed is the fund’s 7-day yield as of January 31, 2017.
                
(c)
Investment in affiliated security. Quasar Distributors, LLC, which serves as the Fund’s distributor, is a subsidiary of U.S. Bancorp. Details of transactions with this affiliated company for the three-month period ended January 31, 2017, are as follows:
             
 
Issuer
U.S. Bancorp
            
 
Beginning Cost
 $
 751,400
            
 
Purchase Cost
 $
       -
            
 
Sales Cost
 $
(345,365)
            
 
Ending Cost
 $
   406,035
            
 
Dividend Income
 $
  5,040
            
 
Shares
  
                  10,000
            
 
Market Value
 $
526,500
            
                   
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
           
                   
The cost basis of investments for federal income tax purposes at January 31, 2017, was as follows*:
            
                   
Cost of investments
 $
 22,764,205
            
Gross unrealized appreciation
  
6,379,081
            
Gross unrealized depreciation
  
(79,423)
            
Net unrealized appreciation
 $
    6,299,658
            
                   
 *Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.
 
 
Summary of Fair Value Exposure at January 31, 2017
            
The Fund follows authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below:
               
 
Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
  
               
 
Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets (such as interest rates, prepayment speeds, credit risk surves, default rates, and similar data)).
               
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
               
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.
  
 
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds,  partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will generally be valued at the last sales price as reported by the primary exchange on which the securities are listed.  Securities listed on The NASDAQ Stock Market (“NASDAQ”) will generally be valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported.  Securities traded on a securities exchange for which a last-quoted sales price is not readily available will generally be valued at the mean between the bid and ask prices.  To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy.  Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time.  The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim.  In certain circumstances, it may be determined that a security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., weather related events) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide).
 
Registered Investment Companies – Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV provided by the applicable registered investment company’s service agent and will be classified in Level 1 of the fair value hierarchy.
 
Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy. 
 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value.  If the original term to maturity of a short-term debt investment exceeded 60 days, then the values as of the 61st day prior to maturity are amortized.  Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined, as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities.
 
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security.  Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security, such as the trading volume of a security and markets, the value of other like securities, and news events with direct bearing to a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The fair valuation of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts.  The effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined by  the Board or its designee instead of being determined by the market.  Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign security’s most recent closing price and from the prices used by other investment companies to calculate their NAVs and are generally considered Level 2 prices in the fair valuation hierarchy.  Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you will not be able to purchase or redeem your shares. 
 
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s investment advisor.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available.  All actions taken by the Valuation Committee are reviewed by the Board. 
 
 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination.  Various inputs are used in determining the value of the Fund’s investments.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  Details related to the fair valuation hierarchy of the Fund’s securities as of January 31, 2017, are as follows:
 
       
Level 1
    
Level 2
    
Level 3
    
Total
  
   
Common Stocks
                        
   
Financials
  
$
24,568,310
    
$
–
    
$
–
    
$
24,568,310
  
   
Information Technology
    
3,677,355
      
–
      
–
      
3,677,355
  
   
Total Common Stocks
  
$
28,245,665
    
$
–
    
$
–
    
$
28,245,665
  
                                     
   
Short-Term Investments
                                
   
Money Market Funds
  
$
818,198
    
$
–
    
$
–
    
$
818,198
  
   
Total Short-Term Investments
  
$
818,198
    
$
–
    
$
–
    
$
818,198
  
                                     
   
Total Investments
  
$
29,063,863
    
$
–
    
$
–
    
$
29,063,863
  
                                     
Transfers between levels are recognized at the end of the reporting period. During the three-month period ended January 31, 2017, the Fund recognized no transfers between levels.
  



Hennessy Technology Fund
            
Schedule of Investments
            
January 31, 2017 (Unaudited)
            
 
Number of
        
% of
 
Shares
    
Value
  
Net Assets
COMMON STOCKS - 93.15%
            
Consumer Discretionary - 8.15%
            
Amazon.com, Inc. (a)
171
   $
   140,815
  
3.62%
Netflix, Inc. (a)
315
    
44,324
  
1.14%
priceline.com, Inc. (a)
36
    
56,705
  
1.46%
Tesla Motors, Inc. (a)
150
    
37,789
  
0.97%
Wayfair, Inc., Class A (a)
895
    
37,196
  
0.96%
       
316,829
  
8.15%
Health Care - 11.36%
            
Amgen, Inc.
529
    
82,884
  
2.13%
Biogen, Inc. (a)
155
    
42,972
  
1.10%
Celgene Corp. (a)
549
    
63,767
  
1.64%
DexCom, Inc. (a)
445
    
35,222
  
0.91%
Gilead Sciences, Inc.
943
    
68,320
  
1.76%
McKesson Corp.
253
    
35,205
  
0.91%
Regeneron Pharmaceuticals, Inc. (a)
103
    
37,007
  
0.95%
Thermo Fisher Scientific, Inc.
275
    
41,907
  
1.08%
Veeva Systems, Inc., Class A (a)
810
    
34,287
  
0.88%
       
441,571
  
11.36%
Industrials - 5.56%
            
3M Co.
440
    
76,921
  
1.98%
Danaher Corp.
486
    
40,785
  
1.05%
Eaton Corp. PLC (b)
500
    
35,390
  
0.91%
Honeywell International, Inc.
535
    
63,301
  
1.62%
       
216,397
  
5.56%
Information Technology - 67.14%
            
Activision Blizzard, Inc.
850
    
34,178
  
0.88%
Adobe Systems, Inc. (a)
350
    
39,683
  
1.02%
Alibaba Group Holding Ltd. - ADR (a) (b)
1,445
    
146,393
  
3.76%
Alphabet, Inc., Class C (a)
176
    
140,235
  
3.61%
Ambarella, Inc. (a) (b)
705
    
34,975
  
0.90%
Amkor Technology, Inc. (a)
3,655
    
34,394
  
0.88%
Apple, Inc.
1,271
    
154,236
  
3.97%
Baidu, Inc. - ADR (a) (b)
205
    
35,889
  
0.92%
Broadcom Ltd. (b)
276
    
55,062
  
1.42%
Cirrus Logic, Inc. (a)
645
    
38,906
  
1.00%
Cisco Systems, Inc.
3,555
    
109,210
  
2.81%
Cognex Corp.
565
    
38,171
  
0.98%
Cognizant Technology Solutions Corp., Class A (a)
605
    
31,817
  
0.82%
eBay, Inc. (a)
1,165
    
37,082
  
0.95%
Ellie Mae, Inc. (a)
405
    
33,510
  
0.86%
Fabrinet (a) (b)
975
    
41,077
  
1.06%
Facebook, Inc. (a)
1,145
    
149,216
  
3.84%
Finisar Corp. (a)
1,175
    
34,745
  
0.89%
Impinj, Inc. (a)
995
    
35,034
  
0.90%
Infosys Ltd. - ADR (b)
2,310
    
31,809
  
0.82%
Intel Corp.
3,455
    
127,213
  
3.27%
LINE Corp. - ADR (a) (b)
1,095
    
34,876
  
0.90%
MasterCard, Inc., Class A
775
    
82,406
  
2.12%
MKS Instruments, Inc.
595
    
39,210
  
1.01%
NetEase, Inc. - ADR (b)
145
    
36,815
  
0.95%
Nutanix, Inc., Class A (a)
1,145
    
34,659
  
0.89%
NVIDIA Corp.
405
    
44,218
  
1.14%
NXP Semiconductors NV (a) (b)
345
    
33,758
  
0.87%
Oclaro, Inc. (a)
3,700
    
36,297
  
0.93%
Oracle Corp.
2,910
    
116,720
  
3.00%
PayPal Holdings, Inc. (a)
892
    
35,484
  
0.91%
Proofpoint, Inc. (a)
442
    
35,431
  
0.91%
Pure Storage, Inc. (a)
2,840
    
32,291
  
0.83%
salesforce.com, Inc. (a)
482
    
38,126
  
0.98%
SAP SE - ADR (b)
895
    
81,901
  
2.11%
Semiconductor Manufacturing International Corp. - ADR (a) (b)
4,950
    
34,056
  
0.88%
Silicon Motion Technology Corp. - ADR (b)
820
    
32,062
  
0.82%
Splunk, Inc. (a)
610
    
35,295
  
0.91%
Tencent Holdings Ltd. - ADR (b)
5,405
    
141,530
  
3.64%
Texas Instruments, Inc.
730
    
55,144
  
1.42%
Visa, Inc., Class A
1,660
    
137,299
  
3.53%
VMware, Inc., Class A (a)
435
    
38,080
  
0.98%
Web.com Group, Inc. (a)
1,710
    
32,405
  
0.83%
Western Digital Corp.
500
    
39,865
  
1.02%
       
2,610,763
  
67.14%
 
 
Telecommunication Services - 0.94%
            
T- Mobile US, Inc. (a)
590
    
36,739
  
0.94%
Total Common Stocks (Cost $3,141,070)
      
3,622,299
  
93.15%
               
SHORT-TERM INVESTMENTS - 6.97%
            
Money Market Funds - 6.97%
            
Fidelity Government Portfolio, Institutional Class, 0.43% (c)
193,000
    
193,000
  
4.96%
The Government & Agency Portfolio, Institutional Class, 0.47% (c)
78,029
    
78,029
  
2.01%
       
271,029
  
6.97%
Total Short-Term Investments (Cost $271,029)
      
271,029
  
6.97%
               
Total Investments (Cost $3,412,099) - 100.12%
      
3,893,328
  
100.12%
Liabilities in Excess of Other Assets - (0.12)%
      
(4,858)
  
(0.12)%
TOTAL NET ASSETS - 100.00%
     $
    3,888,470
  
100.00%


Percentages are stated as a percent of net assets.

ADR
American Depositary Receipt
              
(a)
Non-income producing security.
              
(b)
U.S. traded security of a foreign corporation.
              
(c)
The rate listed is the fund’s 7-day yield as of January 31, 2017.
              
                 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
                 
The cost basis of investments for federal income tax purposes at January 31, 2017, was as follows*:
          
                 
Cost of investments
 $
3,412,099
          
Gross unrealized appreciation
  
590,530
          
Gross unrealized depreciation
  
(109,301)
          
Net unrealized appreciation
 $
      481,229
          
                 
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report. 
                 
Summary of Fair Value Exposure at January 31, 2017
              
The Fund follows authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below:
                 
 
Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
  
                 
 
Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets (such as interest rates, prepayment speeds, credit risk surves, default rates, and similar data)).
                 
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
                 
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.
  
 
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will generally be valued at the last sales price as reported by the primary exchange on which the securities are listed.  Securities listed on The NASDAQ Stock Market (“NASDAQ”) will generally be valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported.  Securities traded on a securities exchange for which a last-quoted sales price is not readily available will generally be valued at the mean between the bid and ask prices.  To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy.  Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time.  The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim.  In certain circumstances, it may be determined that a security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., weather related events) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide).
 
Registered Investment Companies – Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV provided by the applicable registered investment company’s service agent and will be classified in Level 1 of the fair value hierarchy.
 
Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy. 
 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value.  If the original term to maturity of a short-term debt investment exceeded 60 days, then the values as of the 61st day prior to maturity are amortized.  Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined, as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities.
 
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security.  Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security, such as the trading volume of a security and markets, the value of other like securities, and news events with direct bearing to a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The fair valuation of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts.  The effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined by  the Board or its designee instead of being determined by the market.  Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign security’s most recent closing price and from the prices used by other investment companies to calculate their NAVs and are generally considered Level 2 prices in the fair valuation hierarchy.  Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you will not be able to purchase or redeem your shares.
 
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s investment advisor.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available.  All actions taken by the Valuation Committee are reviewed by the Board.
 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination.  Various nputs are used in determining the value of the Fund’s investments.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  Details related to the fair valuation hierarchy of the Fund’s securities as of January 31, 2017, are as follows:
 
        
Level 1
    
Level 2
    
Level 3
    
Total
  
   
Common Stocks
                        
   
Consumer Discretionary
  
$
316,829
    
$
–
    
$
–
    
$
316,829
  
   
Health Care
    
441,571
      
–
      
–
      
441,571
  
   
Industrials
    
216,397
      
–
      
–
      
216,397
  
   
Information Technology
    
2,610,763
      
–
      
–
      
2,610,763
  
   
Telecommunication Services
    
36,739
      
–
      
–
      
36,739
  
   
Total Common Stocks
  
$
3,622,299
    
$
–
    
$
–
    
$
3,622,299
  
                                     
   
Short-Term Investments
                                
   
Money Market Funds
  
$
271,029
    
$
–
    
$
–
    
$
271,029
  
   
Total Short-Term Investments
  
$
271,029
    
$
–
    
$
–
    
$
271,029
  
                                     
   
Total Investments
  
$
3,893,328
    
$
–
    
$
–
    
$
3,893,328
  
                                     
Transfers between levels are recognized at the end of the reporting period. During the three-month period ended January 31, 2017, the Fund recognized no transfers between levels.
  



Hennessy Japan Fund
            
Schedule of Investments
            
January 31, 2017 (Unaudited)
            
 
Number of
        
% of
 
Shares
    
Value
  
Net Assets
COMMON STOCKS - 88.80%
            
Consumer Discretionary - 19.52%
            
Asics Corp.
377,600
   $
   7,360,709
  
4.61%
Isuzu Motors, Ltd.
438,900
    
5,916,268
  
3.70%
Ryohin Keikaku Co., Ltd.
28,700
    
5,376,007
  
3.37%
Shimano, Inc.
47,500
    
7,492,472
  
4.69%
Toyota Motor Corp.
86,200
    
5,026,488
  
3.15%
       
31,171,944
  
19.52%
Consumer Staples - 10.69%
            
Kao Corp.
153,600
    
7,594,976
  
4.75%
Pigeon Corp.
75,400
    
2,043,433
  
1.28%
Unicharm Corp.
330,700
    
7,439,359
  
4.66%
       
17,077,768
  
10.69%
Financials - 4.95%
            
Mizuho Financial Group
1,573,200
    
2,930,157
  
1.83%
Sumitomo Mitsui Financial Group, Inc.
126,200
    
4,974,902
  
3.12%
       
7,905,059
  
4.95%
Health Care - 9.23%
            
Rohto Pharmaceutical Co., Ltd.
425,300
    
7,363,932
  
4.61%
Terumo Corp.
199,700
    
7,375,334
  
4.62%
       
14,739,266
  
9.23%
Industrials - 29.76%
            
Daikin Industries
74,700
    
7,426,335
  
4.65%
Kubota Corp.
463,900
    
7,395,448
  
4.63%
Misumi Group, Inc.
448,900
    
8,388,796
  
5.25%
Mitsubishi Corp.
370,200
    
8,359,090
  
5.24%
Nidec Corp.
90,400
    
8,494,766
  
5.32%
Recruit Holdings Co., Ltd.
170,200
    
7,454,070
  
4.67%
       
47,518,505
  
29.76%
Information Technology - 5.60%
            
Keyence Corp.
23,000
    
8,936,409
  
5.60%
             
Materials - 3.09%
            
Fuji Seal International, Inc.
232,200
    
4,935,612
  
3.09%
             
Telecommunication Services - 5.96%
            
Softbank Group Co.
123,600
    
9,524,786
  
5.96%
Total Common Stocks (Cost $103,741,402)
      
141,809,349
  
88.80%
               
SHORT-TERM INVESTMENTS - 10.48%
            
Money Market Funds - 10.48%
            
Fidelity Government Portfolio, Institutional Class, 0.43% (a)
7,864,000
    
7,864,000
  
4.93%
Morgan Stanley Institutional Liquidity Fund - Government Portfolio, 0.47% (a)
1,005,334
    
1,005,334
  
0.63%
The Government & Agency Portfolio, Institutional Class, 0.47% (a)
7,864,000
    
7,864,000
  
4.92%
         
16,733,334
  
10.48%
Total Short-Term Investments (Cost $16,733,334)
      
16,733,334
  
10.48%
               
Total Investments (Cost $120,474,736) - 99.28%
      
158,542,683
  
99.28%
Other Assets in Excess of Liabilities - 0.72%
 
      
1,144,324
  
0.72%
TOTAL NET ASSETS - 100.00%
     $
 159,687,007
  
100.00%
 
Percentages are stated as a percent of net assets.

(a)
The rate listed is the fund’s 7-day yield as of January 31, 2017.
              
                 
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
 
 
The cost basis of investments for federal income tax purposes at January 31, 2017, was as follows*:
          
                   
Cost of investments
 $
120,474,736
            
Gross unrealized appreciation
  
           39,515,494
            
Gross unrealized depreciation
  
           (1,447,547)
            
Net unrealized appreciation
 $
38,067,947
            
                   
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year.
For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.
                   
Summary of Fair Value Exposure at January 31, 2017
                
The Fund follows authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below:
                   
 
Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
  
                   
 
Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets (such as interest rates, prepayment speeds, credit risk surves, default rates, and similar data)).
                   
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
                   
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.
 
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will generally be valued at the last sales price as reported by the primary exchange on which the securities are listed.  Securities listed on The NASDAQ Stock Market (“NASDAQ”) will generally be valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported.  Securities traded on a securities exchange for which a last-quoted sales price is not readily available will generally be valued at the mean between the bid and ask prices.  To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy.  Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time.  The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim.  In certain circumstances, it may be determined that a security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which related events) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide).
 
Registered Investment Companies – Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV provided by the applicable registered investment company’s service agent and will be classified in Level 1 of the fair value hierarchy.
 
Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  Short-term debt investments with  an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value.  If the original term to maturity of a short-term debt investment exceeded 60 days, then the values as of the 61st day prior to maturity are amortized.  Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined, as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities.
 
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security.  Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security, such as the trading volume of a security and markets, the value of other like securities, and news events with direct bearing to a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy. 
 
 
The fair valuation of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts.  The effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined by  the Board or its designee instead of being determined by the market.  Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign security’s most recent closing price and from the prices used by other investment companies to calculate their NAVs and are generally considered Level 2 prices in the fair valuation hierarchy.  Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you will not be able to purchase or redeem your shares.
 
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s  investment advisor.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available.  All actions taken by the Valuation Committee are reviewed by the Board.
 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination.  Various inputs are used in determining the value of the Fund’s investments.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  Details related to the fair valuation hierarchy of the Fund’s securities as of January 31, 2017, are as follows: 
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Consumer Discretionary
  
$
31,171,944
    
$
–
    
$
–
    
$
31,171,944
  
Consumer Staples
    
17,077,768
      
–
      
–
      
17,077,768
  
Financials
    
7,905,059
      
–
      
–
      
7,905,059
  
Health Care
    
14,739,266
      
–
      
–
      
14,739,266
  
Industrials
    
47,518,505
      
–
      
–
      
47,518,505
  
Information Technology
    
8,936,409
      
–
      
–
      
8,936,409
  
Materials
    
4,935,612
      
–
      
–
      
4,935,612
  
Telecommunication Services
    
9,524,786
      
–
      
–
      
9,524,786
  
Total Common Stocks
  
$
141,809,349
    
$
–
    
$
–
    
$
141,809,349
  
                                 
Short-Term Investments
                                
Money Market Funds
  
$
16,733,334
    
$
–
    
$
–
    
$
16,733,334
  
Total Short-Term Investments
  
$
16,733,334
    
$
–
    
$
–
    
$
16,733,334
  
                                 
Total Investments
  
$
158,542,683
    
$
–
    
$
–
    
$
158,542,683
  
                                 
Transfers between levels are recognized at the end of the reporting period. During the three-month period ended January 31, 2017, the Fund recognized no transfers between levels.
  
                                 
Transfers between Level 1 and Level 2 relate to the use of fair valuation pricing service. On days when the fair valuation pricing service is used, non-U.S. dollar denominated securities move from a Level 1 to a Level 2 classification.
  



Hennessy Japan Small Cap Fund
            
Schedule of Investments
            
January 31, 2017 (Unaudited)
            
 
Number of
        
% of
 
Shares
    
Value
  
Net Assets
COMMON STOCKS - 90.39%
            
Consumer Discretionary - 17.82%
            
Aeon Fantasy Co.
15,700
   $
 432,442
  
1.37%
Alpine Electronics, Inc.
21,400
    
312,348
  
0.99%
DCM Holdings Co., Ltd.
70,500
    
632,508
  
2.01%
Doshisha Co., Ltd.
24,100
    
462,320
  
1.47%
Foster Electric Co., Ltd.
18,800
    
294,879
  
0.93%
Fujibo Holdings, Inc.
19,400
    
577,309
  
1.83%
Hagihara Industries, Inc.
12,500
    
289,058
  
0.92%
Honeys Co., Ltd.
40,000
    
382,960
  
1.21%
Komeri Co., Ltd.
16,000
    
377,079
  
1.20%
Parco Co., Ltd.
51,400
    
500,753
  
1.59%
Seiren Co., Ltd.
35,100
    
434,903
  
1.38%
Starts Corp., Inc.
24,200
    
421,159
  
1.33%
Tasaki & Co., Ltd.
36,600
    
500,166
  
1.59%
       
5,617,884
  
17.82%
Consumer Staples - 1.86%
            
Japan Meat Co., Ltd.
20,800
    
333,433
  
1.06%
Yamaya Corp.
16,600
    
252,139
  
0.80%
       
585,572
  
1.86%
Financials - 3.14%
            
INTELLEX Co., Ltd.
63,200
    
451,149
  
1.43%
Tokai Tokyo Financial Holdings, Inc.
96,600
    
538,140
  
1.71%
       
989,289
  
3.14%
Health Care - 1.15%
            
Ship Healthcare Holdings, Inc.
13,700
    
363,400
  
1.15%
             
Industrials - 36.85%
            
BELLSYSTEM24 Holdings, Inc.
66,800
    
593,988
  
1.88%
Benefit One, Inc.
23,600
    
600,712
  
1.90%
Daihen Corp.
100,000
    
643,876
  
2.04%
Daiichi Jitsugyo, Inc.
77,000
    
463,732
  
1.47%
DMG Mori Seiki Co., Ltd.
25,000
    
342,751
  
1.09%
Fuji Machine Manufacturing Co., Ltd.
25,000
    
314,188
  
1.00%
Hanwa Co., Ltd.
100,000
    
682,845
  
2.17%
Hito Communication, Inc.
20,200
    
288,393
  
0.91%
Kanematsu Corp.
223,000
    
393,030
  
1.25%
Kito Corp.
65,800
    
737,198
  
2.34%
Kitz Corp.
70,800
    
432,036
  
1.37%
Kondotec, Inc.
57,100
    
432,890
  
1.37%
Maeda Kosen Co., Ltd.
45,500
    
523,063
  
1.66%
Miyaji Engineering Group, Inc.
173,000
    
295,713
  
0.94%
Nakano Corp.
88,800
    
439,635
  
1.39%
Nippon Koei Co., Ltd.
27,200
    
613,331
  
1.95%
Nissei ASB Machine Co., Ltd.
20,600
    
398,645
  
1.26%
Nittoku Engineering Co., Ltd.
43,000
    
685,121
  
2.17%
Okamura Corp.
36,600
    
363,050
  
1.15%
Ryobi, Ltd.
69,000
    
315,331
  
1.00%
Sanko Gosei, Ltd.
134,000
    
398,760
  
1.26%
Shibuya Corp.
14,800
    
298,333
  
0.95%
Takeei Corp.
60,000
    
544,150
  
1.73%
Tocalo Co., Ltd.
20,300
    
461,159
  
1.46%
Tonami Holdings Co., Ltd.
113,000
    
359,286
  
1.14%
       
11,621,216
  
36.85%
 
 
Information Technology - 24.78%
            
Aichi Tokei Denki Co., Ltd.
18,200
    
617,359
  
1.96%
Aiphone Co., Ltd.
26,300
    
445,127
  
1.41%
Amano Corp.
32,300
    
618,766
  
1.96%
Digital Garage, Inc.
26,900
    
495,545
  
1.57%
Elecom Co., Ltd.
29,300
    
497,459
  
1.58%
Information Services International - Dentsu, Ltd.
18,600
    
342,974
  
1.09%
Itfor, Inc.
82,900
    
450,073
  
1.43%
Koa Corp.
62,800
    
736,402
  
2.33%
Kyosan Electric Manufacturing Co., Ltd.
164,000
    
586,804
  
1.86%
Mimaki Engineering Co., Ltd.
60,000
    
369,321
  
1.17%
Nihon Unisys, Ltd.
34,900
    
450,971
  
1.43%
Soliton Systems K.K.
52,900
    
645,145
  
2.05%
Towa Corp.
50,200
    
721,589
  
2.29%
V-cube, Inc.
28,400
    
167,517
  
0.53%
Yokowo Co., Ltd.
69,100
    
668,295
  
2.12%
       
7,813,347
  
24.78%
Materials - 4.79%
            
Asia Pile Holdings Co.
71,800
    
365,645
  
1.16%
Fujikura Kasei Co., Ltd.
74,300
    
436,285
  
1.38%
Hakudo Co., Ltd.
52,000
    
709,698
  
2.25%
       
1,511,628
  
4.79%
Total Common Stocks (Cost $23,274,728)
      
28,502,336
  
90.39%
               
SHORT-TERM INVESTMENTS - 9.17%
            
Money Market Funds - 9.17%
            
Fidelity Government Portfolio, Institutional Class, 0.43% (a)
1,575,000
    
1,575,000
  
4.99%
The Government & Agency Portfolio, Institutional Class, 0.47% (a)
1,317,945
    
1,317,945
  
4.18%
         
2,892,945
  
9.17%
Total Short-Term Investments (Cost $2,892,945)
      
2,892,945
  
9.17%
               
Total Investments (Cost $26,167,673) - 99.56%
      
31,395,281
  
99.56%
Other Assets in Excess of Liabilities - 0.44%
      
137,707
  
0.44%
TOTAL NET ASSETS - 100.00%
     $
 31,532,988
  
100.00%

 
Percentages are stated as a percent of net assets.

(a)
The rate listed is the fund’s 7-day yield as of January 31, 2017.
            
                   
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
                   
The cost basis of investments for federal income tax purposes at January 31, 2017, was as follows*:
        
                   
Cost of investments
 $
 26,167,673
            
Gross unrealized appreciation
  
             6,014,075
            
Gross unrealized depreciation
  
              (786,467)
            
Net unrealized appreciation
 $
  5,227,608
            
                   
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year.
For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.
 
 
Summary of Fair Value Exposure at January 31, 2017
              
The Fund follows authoritative fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.  These inputs are summarized in the three broad levels listed below:
                 
 
Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
                 
 
Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets (such as interest rates, prepayment speeds, credit risk surves, default rates, and similar data)).
                 
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
                 
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.
 
Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available will generally be valued at the last sales price as reported by the primary exchange on which the securities are listed.  Securities listed on The NASDAQ Stock Market (“NASDAQ”) will generally be valued at the NASDAQ Official Closing Price, which may differ from the last sales price reported.  Securities traded on a securities exchange for which a last-quoted sales price is not readily available will generally be valued at the mean between the bid and ask prices.  To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy.  Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time.  The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim.  In certain circumstances, it may be determined that a security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., weather related events) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide).
 
Registered Investment Companies – Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV provided by the applicable registered investment company’s service agent and will be classified in Level 1 of the fair value hierarchy.
 
Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques.  The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer.  In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value.  If the original term to maturity of a short-term debt investment exceeded 60 days, then the values as of the 61st day prior to maturity are amortized.  Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined, as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair market hierarchy depending on the inputs used and market activity levels for specific securities.
 
The Board of Trustees of the Fund (the “Board”) has adopted fair value pricing procedures that are followed when a price for a security is not readily available  or if a significant event has occurred that indicates the closing price of a security no longer represents the true value of that security.  Fair value pricing determinations are made in good faith in accordance with these procedures. There are numerous criteria that will be given consideration in determining a fair value of a security, such as the trading volume of a security and markets, the value of other like securities, and news events with direct bearing to a security or markets. Fair value pricing results in an estimated price for a security that reflects the amount the Fund might reasonably expect to receive in a current sale. Depending on the relative significance of the valuation inputs, these securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
 
The fair valuation of foreign securities may be determined with the assistance of a pricing service using correlations between the movement of prices of such securities and indices of domestic securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts or futures contracts.  The  effect of using fair value pricing is that the Fund’s NAV will reflect the affected portfolio securities’ value as determined by  the Board or its designee instead of being determined by the market.  Using a fair value pricing methodology to price foreign securities may result in a value that is different from a foreign security’s most recent closing price and from the prices used by other investment companies to calculate their NAVs and are generally considered Level 2 prices in the fair valuation hierarchy.  Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when you will not be able to purchase or redeem your shares.
 
The Board has delegated day-to-day valuation matters to a Valuation Committee comprised of one or more representatives from Hennessy Advisors, Inc., the Fund’s investment advisor.  The function of the Valuation Committee is to value securities where current and reliable market quotations are not readily available.  All actions taken by the Valuation Committee are reviewed by the Board.
 
 
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination.  Various inputs are used in determining the value of the Fund’s investments.  The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  Details related to the fair valuation hierarchy of the Fund’s securities as of January 31, 2017, are as follows:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Consumer Discretionary
  
$
5,617,884
    
$
–
    
$
–
    
$
5,617,884
  
Consumer Staples
    
585,572
      
–
      
–
      
585,572
  
Financials
    
989,289
      
–
      
–
      
989,289
  
Health Care
    
363,400
      
–
      
–
      
363,400
  
Industrials
    
11,621,216
      
–
      
–
      
11,621,216
  
Information Technology
    
7,813,347
      
–
      
–
      
7,813,347
  
Materials
    
1,511,628
      
–
      
–
      
1,511,628
  
Total Common Stocks
  
$
28,502,336
    
$
–
    
$
–
    
$
28,502,336
  
                                 
Short-Term Investments
                                
Money Market Funds
  
$
2,892,945
    
$
–
    
$
–
    
$
2,892,945
  
Total Short-Term Investments
  
$
2,892,945
    
$
–
    
$
–
    
$
2,892,945
  
                                 
Total Investments
  
$
31,395,281
    
$
–
    
$
–
    
$
31,395,281
  
                                 
Transfers between levels are recognized at the end of the reporting period. During the three-month period ended January 31, 2017, the Fund recognized no transfers between levels.
  
                                 
Transfers between Level 1 and Level 2 relate to the use of fair valuation pricing service. On days when the fair valuation pricing service is used, non-U.S. dollar denominated securities move from a Level 1 to a Level 2 classification.
  


 
Item 2. Controls and Procedures.
(a)
The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d‑15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).

(b)
There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.


Item 3. Exhibits.
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.

 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
HENNESSY FUNDS TRUST
  
 
(Registrant)
  
       
       
 
By:         /s/ Neil J. Hennessy                    
  
   
Neil J. Hennessy
  
   
President
  
       
 
Date: March 31, 2017
  
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:         /s/ Neil J. Hennessy                                 
 Neil J. Hennessy, President
 
Date:      March 31, 2017

By:         /s/ Teresa M. Nilsen                                
 
 Teresa M. Nilsen, Treasurer
 
Date:       March 31, 2017